§ 34. Sir J. LONSDALEasked the Financial Secretary to the Treasury if, in the investment by the National Debt Commissioners of moneys received from the Irish Insurance Commission, the approved societies receive the full return in interest resulting from the purchase of stocks, etc., at a discount; and if there is a difference between the amount received as interest by the National Debt Commissioners and the amount credited to the approved societies, will he state the amount of such difference and the purpose to which it is applied?
§ The FINANCIAL SECRETARY to the TREASURY (Mr. Montagu)The income account of the National Health Insurance Fund (Investment Account) receives the whole of the interest earned on investments and any profit on realisation of securities, and is, on the other hand, chargeable with any loss on realisation. Interest is credited to approved societies, as such rate as the income account above mentioned can afford, the rate being fixed from time to time by the National Health Insurance Joint Committee. The invested 831 funds are applied both as to principal and as to interest solely for the benefit of the National Health Insurance Fund.
§ 39. Mr. HOGGEasked the Prime Minister whether any changes are contemplated in the organisation of the Insurance Commission; and whether the separate existence of the Scottish Insurance Commission is threatened?
§ The PRIME MINISTERI understand that the organisation of the Department as a whole is under consideration by the Retrenchment Committee. Until their report has been received I can make no statement.
§ Mr. BOOTHWill the Retrenchment Committee consult the Advisory Committee set up under the Insurance Act before it makes any proposals for drastic alterations?
§ The PRIME MINISTERI am not responsible for what the Retrenchment Committee does.