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CHAPTER  VIH.

THE  DEFECTS  OF  THE  BRITISH
TRUSTEE  ACTS.
One  very  curious  result  at  which  the
investor  arrives  from  the  study  of  the  question
of  Investment  Distribution  is  the  conviction
that  the  British  Trustee  Acts  are  framed  in
such  a  way  as  to  fail  signally  to  accomplish
the  very  object  that  they  had  in  view.
The  main  object  of  the  Trustee  Acts  is  to
provide  that  Trust  Funds  be  so  invested  as  to
protect  the  beneficiaries  under  Trust  deeds
from  the  risk  of  diminution  in  the  Trust’s
capital.  That  there  should  also  be  a  stability
of  income  from  such  investments  was  another
point  which  engaged  the  attention  of  the
framers  of  the  Trustee  Acts.  But  the  protection ­
  of  the  capital  sum  was  their  chief  anxiety,
as  is  proved  by  the  fact  that  stocks  returning
the  minimum  of  income  were  selected  as
fulfilling  Trustees’  requirements.  Income  was
a  minor  matter  ;  safety  of  the  trust’s  capital
was  the  great  point.  When  the  possibility  of
obtaining  a  inore  substantial  income  appeared  to
K  2