8. Dr. Russell Thomasasked the President of the Board of Trade whether he is aware that some insurance companies have recently lowered the surrender value of long-standing policy-holders; and what steps he intends to take to prevent the past savings of policy-holders from being reduced and confiscated in this way?
§ Sir A. DuncanI have no information to the effect suggested in the first part of my hon. Friend's Question, but, if he will send me particulars of any case which he has in mind, I will have further inquiries made.
Dr. ThomasIs the right hon. Gentleman aware that I know of a case of an insurance company which has already done this, and does he not realise that the effect on policy-holders is almost as severe as it would be if the Government were suddenly and harshly to reduce the value of War Savings Certificates?
§ Sir A. DuncanI shall be very glad to look into any case which the hon. Gentleman submits to me, but according to the 1602 inquiries already made there is not evidence that what he complains of is happening.
§ Sir Herbert WilliamsIs not the reduction in the value of policies a sequel to the policy of cheap money?