§ MR. HOWELL (Bethnal Green, N.E.)I beg to ask the Chancellor of the Exchequer whether he can state the total amount of the defalcations at the Chelsea Trustee Savings Bank; the number of Friendly and other Societies depositing in such bank; and the amount 1647 of their deposits; whether he is aware that since the failure some of these Societies have been unable to draw any money with which to discharge their obligations to members in respect of sickness and death; and whether some arrangement can be made for the payment of a dividend on account at an early date, so that Societies may be able to meet these obligations?
§ MR. GOSCHENThe total amount of the defalcations cannot be ascertained with certainty till the books can be verified on receipt of the claims from the depositors. According to the Society's Annual Report of 1888 (the last one made) there were as depositors five penny banks, £356 8s. 6d.; 32 Charitable Societies, £2,640 10s. 9d.; 112 Friendly Societies, £9,045 5s. 11d., but this has not yet been verified. I have no doubt this is so. The liquidator would not be able to make these payments at the present stage of the proceedings. By direction of the Court the usual advertisement under the Companies Act has been issued to depositors to send their claims before March 18. The 21st of March is appointed for adjudicating on the claims, after which the liquidator will be able to proceed with the distribution of the estate. To assist depositors the official liquidator has prepared a special form of claim, which has been sent to each depositor, and all he has to do is to insert the amount of his claim and send it to the liquidator. This form has been approved by the Court.