§ 9. Mr. Dayasked the Minister of Labour the balance on the insurance account of the Unemployment Fund as at the last convenient date; the manner in which this amount is invested and the rate of interest received for same; the amount of the outstanding debt that was funded; and the average interest at present payable on this amount?
§ Mr. E. BrownAt 16th July, 1938, the total balance of the Unemployment Fund was about £46,141,000, invested in short-term securities suitable to the requirements of the Fund, having regard to the views of the Unemployment Insurance Statutory Committee. At the present time, the net rate of interest received on the sums invested, after allowing for profit or loss on redemption, is £1 18s. per cent. The amount of the debt now outstanding is £82, 246,000, on which interest is payable at the rate of 3⅛ per cent.
§ Mr. BrownNo. The change was made in the law recently, with the result that the committee has complete freedom in this matter. I would point out that 2396 there is all difference in the world between interest on money invested and interest on debt.