HC Deb 26 July 1939 vol 230 cc1620-1W
Commander BELLAIRS

asked the Chancellor of the Exchequer whether he has considered the desirability of legislation to remedy those provisions of the Trustee Acts of 1893 and 1925 which prevent some reasonably safe investments from becoming trustee stocks and yet enable a railway company by drawing on its reserves to pay a dividend of one-eighth per cent. on its preferred ordinary stock and so bring its prior stocks under the rule that prior stocks are trustee stocks in any railway company which has paid a dividend on its ordinary stock in each of the last 10 years?


I see no prospect of legislation at the present time.