§ Mr. CHARLES BATHURSTasked what is the estimated additional sum which will stand to the credit of the National Insurance Fund in consequence of the decision to permit approved societies to invest the contributions of employed contributors as the friendly societies have hitherto done at £4 per centum and upwards instead of, as originally contemplated, at £3 per centum only; and how is it proposed to apply such additional sum?
Mr. McKINNON WOODAny profit or loss which may accrue to a society through the investment of its funds in trustee securities or such other securities as may be approved, instead of accepting the Government guarantee of the capital and interest at 3 per cent. will be taken into account in calculating the surplus or deficiency to be dealt with under Clauses 30 and 31. I cannot state the amount.
§ Mr. C. BATHURSTWill this not amount to so large a sum as to alter the actuarial basis on which the Bill is founded?