HC Deb 11 July 1950 vol 477 cc1128-9
26. Sir J. Mellor

asked the Minister of National Insurance why, in House of Commons Paper 61. Statement VII, the expression "cost price" is employed as identical with "market value" at 5th July, 1948, in respect of the securities of the National Insurance (Reserve) Fund, when the value upon the said date was £12,867,972 below the price originally paid by the absorbed funds.

The Minister of National Insurance (Dr. Edith Summerskill)

I would refer the hon. Member to paragraph 14 of the document in question, where it is explained that the figures of cost price shown in Statement VII represent, in most cases, the price at which the investments were taken over by the Reserve Fund The exceptions were certain investments purchased during the period of account.

Sir J. Mellor

Would the right hon. Lady agree that if it means anything at all, the expression "cost price" means the price paid by the National Insurance (Reserve) Fund for these securities; and was anything in fact paid?

Dr. Summerskill

I think that if the hon. Baronet asks the Chairman of the Public Accounts Committee, he will tell the hon. Baronet that we gave an undertaking to the Chairman of the Public Accounts Committee that this figure would be shown in this case as cost price.