§ Mr. GINNELLasked the President of the Board of Trade, in view of the liabilities now being contracted in Ireland by the Law Integrity Insurance Company, the National United Insurance Society, Limited, the Irish Provident Assurance Company in gremio, and the Guardian Bank, Limited, as guarantor for Ireland's Life Assurance Society, if he can ascertain and state the amount of capital available and secured to meet the liabilities of each of those bodies?
The PARLIAMENTARY SECRETARY to the BOARD of TRADE (Mr. Robertson)According to the balance sheet of the Law Integrity Insurance Company, Limited, which has been issued to the shareholders of that company, the assets available to meet its liabilities at the 30th June, 1911, consisted of: Investments, £6,417; furniture and stationery, £907; outstanding premiums and agents' balances, £1,141; loans on policies and amounts due from other companies, £907; and cash at bank and in hand, £996; there were also unpaid calls or uncalled capital amounting to £1,988. The National United Insurance Society, Limited, is registered under the Industrial and Provident Societies Act, and according to the statutory return for the year 1910, the assets available to meet the liabilities of the society consisted of: Cash at bank and in hand, £287; office furniture and stationery, £118; amount owing by members for premiums, £356; and capital on shares issued but no paid, £1,712. The Irish Provident Assurance Company, Limited, is being wound up under an order of the Irish Courts, and the Board of Trade have no information as to the assets of that company. According to the balance sheet of the Guardian Bank, Limited, which has been filed with the Registrar of Joint Stock Companies, the assets of the company available to meet its liabilities at the 30th June, 1911, consisted of: Cash at bank and in hand, £1,746; advances to customers, £4,731; and furniture, home safes, and stationery, £1,488. There were also on that date uncalled capital and unpaid calls amounting to £6,370.
§ Mr. GINNELLMay I ask the hon. Gentleman whether, in view of the bogus character of the second and fourth of these bodies, they will be allowed to continue?
§ Mr. NANNETTIMay I ask whether the hon. Gentleman is aware that the managing director of the Guardian Bank has sent a letter to the President of the Board of Trade denying the statement made by the hon. Gentleman that the Guardian Bank is guarantee for any society but the bank itself?
§ Mr. GINNELLasked the Secretary to the Treasury if he will state what available assets, if any, exist to meet the liabilities now being contracted throughout Ireland by the United National Friendly Assurance Collecting Society, and by Ireland's Life Assurance Collecting Society; and, if he is not aware of any capital secured for this purpose, whether the persons collecting money under those names will be allowed to continue?
Mr. McKINNON WOODAccording to the annual returns of these societies for 1910—the last year for which information is available and the first complete year of existence of these two societies—their assets were as follows:—
The returns did not show any capital secured for the purpose of meeting liabilities. I am advised that the Chief Registrar of Friendly Societies has no legal power to prevent the persons collecting contributions for these societies from continuing to do so.
United National Friendly Assurance Collecting Society £76 11 7 Ireland's Life Assurance Collecting Society £481 7 6
§ Mr. GINNELLIs there any intention of amending the law in order to give the inspector power to do what is absolutely necessary?
Mr. McKINNON WOODI am not convinced it is necessary to give that power to the Registrar of Friendly Societies.
§ Mr. GINNELLasked, in view of the facts that policyholders of the Irish Provident Assurance Company are too poor to be professionally represented in the proceedings for winding up that company, with the result that only an ex-parte view of the matter is obtained, whether the Director of Public Prosecutions in Ireland will be present or represented in the further winding-up proceedings, endeavour to accelerate them, and will ask 360 the Court, pending the result of those proceedings, to restrain the directors who brought the policy holders into their present condition from carrying on the same business under the same name, amalgamated with that of the London and Provincial Company, employing the same agents and organisation to collect money, and using the same Dublin office with the official liquidator?
§ The CHIEF SECRETARY for IRELAND (Mr. Birrell)I am informed by the Attorney-General that he has no right to appear or to be represented in the matter of the winding up of the Irish Provident Assurance Company now pending in the Court of Chancery. The Attorney-General has, however, kept himself informed of the proceedings in that matter, and has no reason to think that they have been, or will be, unnecessarily delayed. The directors of the company and the official liquidator come under the jurisdiction of the Court, and the Irish Government are not entitled to interfere.
§ Mr. GINNELLasked the Chief Secretary for Ireland if he will ascertain and say what amount of the policy holders' money has been set aside or earmarked to cover the cost of winding up the Irish Provident Assurance Company; how much of it goes to the official liquidator; how he is paid; what time limit is imposed; and whether it is usual to allow an official liquidator to work for six months in an office in which other work is being done which the Court has declared to be illegal?
§ Mr. BIRRELLThe question of the hon. Member deals with matters over which the Irish Government have no control. The allocation of moneys in the matter of the winding up of the Irish Provident Assurance Company, the remuneration of the liquidator, and the conditions in which he carries on the business of his office, are within the jurisdiction of the Court, and it would be manifestly improper of the Government to make the inquiries suggested by the hon. Member.
§ Mr. GINNELLAre the Irish Government aware that the company is carrying on business at the present time in conjunction with another?
§ Mr. BIRRELLNo, Sir, I am not aware of that.
§ Mr. GINNELLIt is a fact.
§ Mr. GINNELLasked the Chief Secretary for Ireland if he will ascertain and say why the Director of Public Prosecutions in Ireland has taken no action on the decision of the Court that certain policies of the Irish Provident Assurance Company were life policies, contrary to statute and to that company's articles of association, and on that company's practice of instructing their agents to cease calling for premiums, and then treating all the premiums paid as forfeited to them and the policies as lapsed, and on the conduct of the directors in first depreciating their trust property and then transferring it to themselves as directors of another company; and whether he will allow those men to prolong the winding-up proceedings indefinitely while they are victimising poor people by similar tactics?
§ Mr. BIRRELLThe decision of the Court that certain policies issued by the Irish Provident Assurance Company were contrary to statute and the company's articles of association does not, in the opinion of the Attorney-General, necessarily involve the directors or agents of the company in criminal liability, but, if the inquiries which are now proceeding result in furnishing materials for a criminal prosecution proceedings will be taken against the parties who may appear to be liable.
§ Mr. GINNELLHas the Attorney-General for Ireland given any opinion on the transactions stated in the question, the depreciating of their trust property, and then transferring it to themselves under another name?
§ Mr. BIRRELLI do not know that he has. He is watching the inquiries that are taking place in a Court of Justice, and if, in his opinion, those inquiries show a case for criminal prosecution he will not hesitate to institute it.
§ Mr. GINNELLThe particular Clause to which I direct attention has appeared on the Paper three times. Will the right hon. Gentleman ask the opinion of the Director of Public Prosecutions on that particular Clause?
§ Mr. BIRRELLNo, Sir. I am not at all disposed to interfere with judicial proceedings now pending in the Courts in Ireland.
§ Mr. GINNELLThese are not judicial proceedings at all; they are financial proceedings of a dishonest character.