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1889 the only stock that a trustee might buy, unless otherwise instructed by the Trust Deed, was Consols. By the Trustee Act, 1893 (which did not extend to Scotland), his choice was extended to:

1. Other British Government securities.

2. Real or heritable securities in Great Britain or Ireland.

3. Stock of the Banks of England or Ireland.

4. India Government stocks.

5. Any securities with interest guaranteed by Parliament.

6. Metropolitan Board of Works or London County stocks, or Debenture stock created by the Receiver for the London Police District.

7. Debenture Guaranteed and Preference stocks of any railway company in Great Britain or Ireland that has paid 3 per cent. on its ordinary stock in each of the ten years before the investment.