§ MR. CAINE (Barrow-in-Furness)asked the President of the Board of Trade, Whether his attention has been drawn to the Provident Association of Lyndon (Limited), and to the statement publicly made by Baron Joseph Profumo, 150 the Managing Director, during the past week, to the effect that, in the past 15 months, the Association has issued 49,700 Bonds; that these Bonds, added to the 30,000 Bonds, of the face value of £2,000,000 previously issued, would amount to upwards of £5,000,000 sterling; that the Assurance Fund in respect of the Bonds issued to the end of last year amounted to only £81,929; that no account is obtainable from the Association showing the sum annually received from the Bondholders (who are mostly of the poorer classes) in respect of these Bonds, nor of the amount of the expenditure; and, whether, in view of the above facts, and considering that avowedly the business of the Association is partly of the nature of Life Assurance, he will take the necessary steps for enforcing the publication, as prescribed by statute, of proper accounts of receipts and expenditure, as well as of the assets and liabilities, of the Association?
§ THE PRESIDENT (Sir MICHAEL HICKS-BEACH) (Bristol, W.)My attention has been called to the Bonds referred to by the hon. Member, and the opinion of counsel is being taken as to the position of the Board of Trade in the matter. I think it right to add that since I came into the House this afternoon I have received a letter from Baron Profumo, in which he states—
(1) That it is not correct that the Company have a deferred liability of £5,000,000. (2) The present worth of the liability of the Bonds in force, as certified by actuaries, is fully secured by securities in the hands of Trustees. (3) The Company is not an Insurance Company, and the accounts are presented in the form prescribed by the Articles of Association.I make this statement without expressing any opinion upon it.