MR. GIBSON BOWLESI beg to ask the Secretary to the Admiralty, can he say, with reference to the statement of the invested assets of the Naval Savings Bank in Parliamentary Paper, No.317, of Session 1901, giving the value of those assets as £311,504 12s. 10d. on 31st March, 1900, whether the investments are taken at the prices current on 31st March, 1900, or at the prices at which the investments had actually been made; if the latter is the case, what would be the value of these assets if taken at the prices current on 31st March, 1900; and, in that case, can he state why the assets on the date in question are valued at a price other than that shown by the prices current to be their apparent market value at that date.
§ MR. ARNOLD-FORSTERThe investments referred to are taken at the 1322 prices at which they were actually made. The value of the assets if taken at the prices current on the 31st March, 1900, would have been £337,949, 18s. The account is prepared in accordance with Section 11 of the Naval Savings Bank Act, 1886, which requires the statement to show the investments under this Act, and not the apparent market value at a particular date. I believe this is in accordance with the ordinary practice with respect to Trust investments.
MR. GIBSON BOWLESIs the hon. Gentleman aware that that is contrary to the practice in the Post Office Savings Bank?
§ MR. ARNOLD-FORSTERYes, Sir.