There was a sharp little discussion on Tuesday in the
House of Commons, on a subject which keenly interests a large number of people. The recent conversion, and the rise of all trustee stocks, has greatly embarrassed beneficiaries under trusts, who find their incomes suddenly reduced, and urge their trustees to take a little more risk. Sir G. Baden-Powell therefore moved a resolution that Colonial Inscribed Stocks should be legally recognised as suitable for trust investments. Ile argued that the matter was one almost of necessity, funds in trust continually increasing, while the stocks under control of the State had decreased by one hundred millions. Mr. Goschen resisted, first, on the ground that this country might yet have to borrow largely, and that he could not consent to weaken the legislative props of its superior credit ; secondly, that Colonies could not be treated as all upon a par ; and, thirdly, that it would be necessary to override the wills of testators, and make investments which they never anticipated. The Courts, too, were so jealous of uncertain stocks, that the change might be inoperative, as had been the rule authorising investment in municipal bonds. Mr. Goschen is doubtless right, but the pressure is becoming very great, and without concession in some direction, trustees will be forced to disregard the law. Would it not be fair to make Colonial securities good invest- ments for future trusts, unless specifically barred by the testator ? He would then know what to expect.
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