§ 75. Sir J. D. REESasked the Secretary of State for the Home Department how he arrives at the calculation that the interests present beneficiaries retain during their tenure of office in the Church in Wales has been estimated to be the equivalent of £62,000 a year in perpetuity; and whether he accepts that estimate?
§ The SECRETARY of STATE for the HOME DEPARTMENT (Mr. McKenna)The calculation was made by taking the average age of incumbents in six counties (three rural and three industrial). The value of the life interests was then calculated on the basis of the expectation of life at that age and a rate of interest at 3 per cent. This explanation was given in reply to a question by the right hon. Gentleman the Member for the Hallam Division of Sheffield on 6th May.
§ Sir J. D. REESIs it not unprecedented and preposterous to calculate what is temporary in terms of what is permanent?
§ Mr. McKENNANo; it is the most usual thing possible to do.