HC Deb 14 March 1938 vol 333 cc31-2
64. Mr. Thorne

asked the Financial Secretary to the Treasury, what amount of unclaimed money is in the Supreme Court pay office; how the money is invested; and who claims the interest on the invested money.

The Solicitor-General (Sir Terence O'Connor)

The amount is £2,603,020 which is made up of £1,410,280 in cash and securities of a nominal value of £1,192,740 representing unclaimed investments which existed before the funds became dormant. Part of the above unclaimed cash is covered by the Consolidated Fund and the remainder of the cash is represented by investments in the name of the National Debt Commissioners. Interest arising from unclaimed funds is eventually treated as cash and dealt with by the National Debt Commissioners under Sections 141 and 145 of the Supreme Court of Judicature (Consolidation) Act, 1925.

Mr. Thorne

Am I to understand from that reply, that the National Debt Commissioners receive the benefit of the interest on this money?

The Solicitor-General

It is a little difficult to explain the matter by way of question and answer; but if the hon. Gentleman will look at Sections 141 and 145 of the Act he will see that the Commissioners have accepted responsibility for repayment and are entitled to any surplus which accrues from the investment.