§ Mr. SCOTTasked the Chancellor of the Exchequer if he is aware that the Bank of England at present declines to register for holdings of certain British Government stocks, or other stocks issued through the Bank of England, persons in their capacity of trustees, curators, factors, executors, or other fiduciary capacities; that this practice entails the risk of investments held in trust being in-mixed with the estates and property of these persons as individuals and the risk of trustees being held personally liable, and also entails the expense and trouble of transfers and, in case of death, the necessity of including the holdings in the inventories of their estates; and whether he will introduce legislation with a view to the bank in future undertaking to register these persons in their respective 1279W capacities and state such capacities on the face of the stock certificates issued in order to show the true ownership of their holdings?
Mr. SNOWDENThe Government Stock Regulations, 1918, made under the Finance Act, 1917, provide that on a proper demand a stockholder may be described in the books of the Bank of England as a trustee or as holding any other fiduciary position, and provide further for the making of entries accordingly in the books of the bank and, if the stock is deed stock, in the register certificate. So far as other stocks are concerned, it is open to stockholders to distinguish, their holdings as provided by the Stockholders' Belief Act, 1892, and I am not aware of any demand for further facilities.