§ 44. Mr. JAMES HOGGEasked what is the amount of money at present held by the Scottish Insurance or National Debt Commissioners on behalf of approved societies in Scotland; in what securities have the available moneys been invested, and by whom; what is the rate of interest earned on such invested moneys; what appreciation or depreciation has taken place in such securities; and, if there has been depreciation, who bears the loss on securities invested by the National Debt Commissioners?
§ Mr. WEDGWOOD BENNThe amount at present standing to the credit of the Scottish National Health Insurance Fund is £1,551,124, of which £1,425,000, has been issued to the National Debt Commissioners for investment. With regard to the second part of the question I would refer my hon. Friend to the annual Return issued by the National Debt Commissioners under Section 54 (6) of the Act. I am sending my hon. Friend a copy of the last Return from which he will observe that about one-half of the investments are in short-dated securities. The liability of the National Health Insurance Fund to societies in respect of moneys standing to their credit in that fund is a cash liability. The Treasury regulations of 12th August, 1912 (S.R. and O. 1201, of 1912), by which the National Debt Commissioners are governed in their management of the sums issued to them for investment, provide means for protecting that fund against loss through the depreciation of investments so made. The average Tate of interest earned on the capital sums invested (excluding moneys awaiting investment) is about £3 8s, 6d. per cent.
MARQUESS of TULLIBARDINEIf in Scotland the original basis was 9d. for 4d. and there is all this enormous surplus, may I ask if the people have been getting 9d. for 4d.?
§ Mr. W. BENNPerhaps the Noble Lord will put a question down on that point.