§ 9. Sir J. Mellorasked the Minister of National Insurance whether the loss, amounting to £11,623,193, at current market value, on the Unemployment Fund holding of 2½ per cent. undated Treasury Stock was written off before this stock was transferred to the National Insurance Fund on 4th July. 1948; and what resources were applied for this purpose.
§ The Minister of National Insurance (Dr. Edith Summerskill)The position about the investments is explained in the notes to the published accounts of the National Insurance (Reserve) Fund for 1948–49.
§ Sir J. MellorDoes not the Comptroller and Auditor-General there state that this loss was not recorded anywhere? Was it the hope of the Ministry that this £11 million would not be missed?
§ Dr. SummerskillThe hon. Baronet cannot have read the report very carefully. I think that my Permanent Secretary told the Auditor-General that the matter was explained fully, and if the hon. Gentleman will read page 2 of the acounts he will see the explanation.
§ Sir J. MellorDid not the Auditor-General say:
The loss on revaluation … has … not been recorded either in the accounts of the absorbed funds, etc., or in these accounts"?
§ Dr. SummerskillThe Auditor-General said that it was not in the figures, but he was told that there was an explanatory note. I would ask the hon. Baronet to look at page 2, where he will see the explanatory note.