§ Sir JOHN BRIGGasked the Secretary to the Treasury if the Public Trustee has the approval of the Treasury or any other Government Department or official before he makes purchases of stock from the funds which come into his office?
§ Mr. HOBHOUSEThe Public Trustee is not required by statute (6 Edw. 7, c. 55) to obtain the approval of the Treasury or of any other Government Department before making an investment. The Act, Section 2 (2), gives him, subject to its provisions and to the rules made thereunder,1034W the same powers, rights, and immunities as a Private Trustee, and, like a Private Trustee, he is bound to exercise his discretion as to investment within the powers given him in that respect by the trust instrument. Whether required by the trust instrument or not, the Public Trustee makes it his practice to consult those concerned before making any investment.