HC Deb 01 April 1895 vol 32 c604
VISCOUNT CURZON (Bucks, Wycombe)

I beg to ask Mr. Chancellor of the Exchequer whether any Act of Parliament authorises the Bank of England to refuse to transfer Consols on a general power of attorney; and, if not, what is the authority under which the Bank acts in so refusing; does it cover all or any other stock inscribed in this country; and what are the proper means whereby the attorney of an absent holder of Consols can be authorised to sell, at his discretion from time to time, any unascertained amount, or number of amounts, in order to avoid loss to or secure gain for the owner, or to carry out any other object?


The Bank of England rely on Sections 22 and 24 of the National Debt Act of 1870. As Stocks inscribed at the Bank of England (like Consols) are transferable without certificates, special precautions have to be taken against anything likely to lead to fraudulent transfers.