HC Deb 19 July 1955 vol 544 c189
14. Mr. Osborne

asked the Chancellor of the Exchequer the total investments of the approved societies in gilt-edged securities for 1925, 1935, 1945, and 1955, respectively.

Mr. R. A. Butler

This information is not readily available in the form requested by my hon. Friend, and could not be obtained without a disproportionate amount of work. I have, however, had some figures extracted, and I will, with permission, circulate them in the OFFICIAL REPORT.

Mr. Osborne

While thanking my right hon. Friend for those figures, which I hope to look at carefully, may I ask him to consider giving permission to approved societies to invest their funds in other than trustee securities, so as to save their members from the losses incurred from continuous inflation?

Mr. Butler

That is a separate question to which I should like to give consideration separately.

Following are the figures:

Total investments of friendly and collecting societies in British Government securities at 31st December
Friendly societies (a) £ million
1935 19
1946 55
1951 62
Collecting societies
1935 5
1946 59
1952 (b) 73


(a) In consequence of the provisions of The National Insurance Act, 1946. there has since 1948 been no division of friendly societies into those approved for the purpose of collecting insurance contributions and distributing benefits, and those not so approved. The figures given above cover friendly societies without branches, and collecting societies; they exclude all friendly societies with branches (which accounted for about one quarter of total friendly society funds in 1951), the approved sections of friendly societies and insurance companies before 1948, industrial and provident societies, and the provident benefit section of trade unions.

(b) 1951 figures not available.