§ 19. Mr. GINNELLasked the Secretary to the Treasury if he will explain, in view of the continued income of the Irish Constabulary Force Fund, including interest on invested capital, why capital has been sold at a loss to the fund of £5,000; and, if the sale was necessary, how the necessity arose and for whose benefit the loss was incurred?
§ Mr. MASTERMANThe income of the Irish Constabulary Force Fund is used as far as possible in meeting the payments out of the fund, and the demands of the Inspector-General generally synchronise with a dividend day. But sales are necessary when the demand exceeds the dividend receivable. The loss of £4,913 was based on a comparison of the sales with the cost price of the whole of the stock purchased, but such a loss would not appear if the sales of each year were contrasted with the purchases of that year. It would not be to the advantage of the fund to hoard the dividends in view of a possible demand, as the loss of interest would generally be more than the difference between the buying and selling prices.
§ Mr. GINNELLWere the contributors to this fund consulted at all with reference to this large loss?
§ Mr. MASTERMANI must ask for notice.