This Bill is necessitated by the fact that our predecessors in government decided to convert four national loans which may be redeemed at the option of the Government some time in the year 1950. The decision to carry through this conversion operation was taken by our predecessors, the conversion offer was made on the 8th June and the time for making decisions as between redemption and conversion will formally end on the 7th of next month. The principal object of the Bill is to clear the way for trustees, executors and administrators to accept the conversion offer. Certain of the stocks are of course, an authorised trustee investment under the Adaptation of Enactments Act, 1922, but in case a trustee should be in any doubt as to his right to accept this stock rather than accept cash and then look around for a more acceptable investment, the Act will provide that these trustees and others, acting in a fiduciary capacity, shall have express authority to accept the conversion.
That is the principal purpose of the Bill and I shall be very grateful again if the House would be good enough to give me, not only the Second Reading to-day, but all stages.