SIR MINTO FARQUHARsaid, he would beg to ask Mr. Chancellor of the Exchequer, What progress is being made in insuring lives, and in purchasing Government Annuities under the Act 27 & 28 Vict. c. 43; and what number of contracts have been entered into by the Postmaster General in pursuance of that Act; at how many Post Offices such business has been transacted, and whether such business is carried on at any, and how many, of the old Savings Banks?
§ THE CHANCELLOR OF THE EXCHEQUERsaid, in reply, that he would not enter into any statistical account of proceedings under this Act, which had come into operation so recently that any observations founded on its working hitherto would prove deceptive. The Act came into operation immediately, but a considerable time necessarily intervened before machinery relating to matters of so grave a character could be finally arranged: 400 officers had been appointed, but, as yet, it had not been found possible to commence business over the face of the country generally. Progress must be made in such a matter step by step; and no doubt pro- 824 gress would be faster as they got further afield. With regard to the old savings banks, it was not found feasible to make satisfactory arrangements with them yet, owing to the great additional responsibility entailed by their new business of assurance. Several hundreds of transactions, however, had already been completed; and Mr. Scudamore, who was at the head of this department in the General Post Office, felt perfectly satisfied with the indications presenting themselves. The rules appeared to work well and to be understood by the parties, and no difficulty had been experienced by the Department in obtaining answers to questions from the persons applying. He had no doubt that by the next meeting of Parliament they should be in a position to give more ample information as to the progress made.