The Sun.
London, England, 1860-09-04 00:00:00

LAW OF PROPERTY AMENDMBYT ACT.

(From the Times' City Article.)
The subjoined letter from Lord St. Leonards ex.
plains the precise bearing of the Trust Money and
Law of Property Amendment Act recextly passed :
"Boyle Farm, Aug. 29.
" Sir,—ln your Money Article of Monday last it is stated
that the 23d and 24th Victoria, cap. 38, empowers the
Court of Chancery to invest trust funds in the securities
raised under the authority of Parliament, such as those for
the West India. Islands, Turkish Guaranteed Four per
Cents., &c., upon petition being presented by any of the
parties interested.
" I believe that you will do good service by informing
trustees and the persons for whom they are trustees how
the law really stands under the two acts of the last two
sessions, for which lam responsible. lam not surprised
that in this day's paper it is stated that the act of the ses-
sion just ended was brought forward by the Lord Chancel-
lor, for his name was on the back of it, owing to his having,
at my request, in my absence, laid it on the table and moved
the first reading—in the House of Lords a matter of form.
The act was framed and carried through by me chiefly as a
supplement to the act of the previous session.
"-Now the law stands thus—By the 32d section of the
22d and 23d Vic., cap. 35, where a trustee is not, by some
trust,instruments creating his expressly forbidden to invest
any trust fund on real securities in any part of the United
Kingdom, or in the Stock of the Bank of England or Ire-
land, or in East India Stock, it is lawful for him to invest
such trust money in such securities or stock, provided that
such investment shall in other respects be reasonable and
proper; and by the 12th section of the 23d and 24th Vic.,
c. 38, this clause is made to operate retrospectively.
"By the last mentioned act the Lord Chancellor, with
the advice of the other equity judges, or any three of them,
is empowered to make such general orders as to the invest-
ment of cash under the control of the Court, either in the
Three per Cent. Consols, or Reduced, or New Bank Annui-
ties, or in such other stocks, funds, or securities, as he shall
with such advice site fit ; and power is given to the Lord
Chancellor to convert any Three per Cent. Bank Annuities,
standing or to stand in the name of the Accountant-Gene-
ral of the Court in trust in any cause or matter, into any
such other stocks, funds, or securities upon which, by any
such general order as aforesaid, cash under the control of the
Court may be invested. The orders for conversion are to be
made upon the petition of any of the parties interested.
" By the same act, trustees having power to invest their
trust funds upon Government securities, or upon Parlia-
mentary stocks, funds, or securities, may invest them in
any of the stocks, funds, or securities in or upon which by
such general order cash under the control of the Court may
be invested.
" The result is, that trustees (including executors and
administrators) may, unless forbidden by their trust, invest
the trust fund in real securities in Great Britain or in Bank
Stock of England or Ireland, or in East India Stock, which
has been held to mean the old East India Stock. The Court
itself can invest cash in such stocks, funds, and securities
as it shall see fit, and make a general order for the purpose ;
and upon the petition of parties interested Three per Cents.
may be converted by the Court into such securities as cash
may be invested upon under any general order ; and trus-
tees, with the usual powers to invest, may resort to the
same securities. The power to the Court is general, and
does not enumerate any particular securities, as it w as con-
sidered that there was no danger of this power being unduly
exercised. The principal assuredly will never be placed in
danger in order to obtain a large interest.
"The 32d section of the 22d and 23d of Victoria, cap. 35,
is not properly framed, but it is not likely to be abused, as
trustees will, no doubt, act with great caution under it. By
the bill of the late session, as it was sent to the House of
Commons, this clause was repealed, but that house not only
rejected the repeal Anse, but made the original clause re-
trospective. The new clauses relating to trust funds in the
bill of the late session were framed by me, with the appro-
bation of all the equity judges, and invited in the House of
Commons. There was another clause in substitution of the
32d section of the 22d and 23d of Victoria, cap. 35, which
that house, of course, objected to adopt, as they were deter-
mined to retain the 32d section as it stood.—l have the
honour to be, sir, your faithful servant,
" ST. LEONARDS."

FEMALE EMIGRATION TO TASMANIA.---011. Satur-
day last the Antipodes, Capt. G. Croot, left Gravesend for
Launceston, Tasmania. She conveyed 167 single women,
accustomed to domestic service, selected by the Tasmanian
emigration agency. Dr. Samuel Malt had medical charge
of the emigrants, and Miss Ann Lamborn was appointed
matron, assisted by three sub-raatrons. The vessel was
visited at Gravesend by Mr. J. A. Youl and Mr. F. A.
Dueroz, accompanied by the agency's secretary, Mr. T. A.
Pirker.