§ 5. Mr. Jayasked the Chancellor of the Exchequer what is the total nominal and market value, respectively, of the securities held today by the National 1349 Insurance and National Insurance Reserve Funds; what is the change in the total market value of these stocks as compared with the price at which they were purchased; and what would be their total market value if prices were the same as in October, 1951.
§ Mr. Selwyn LloydThe securities in the National Insurance Fund, of a nominal value of £292 million, cost £289 million and now have a market value of £283 million. In the Reserve Fund securities of a nominal value of £1,257 million, cost £1,168 million and have a market value of £836 million. The change in the total market value for these stocks as compared with the price at which they were purchased is a decrease of £338 million. The answer to the last part of the Question is not available, since a significant part of the securities now held in the Funds were issued after 1951.
§ Mr. JayDo not those figures mean that as a result of investing all these funds:n gilt-edged and then following a financial policy which has heavily depressed the price of gilt-edged, the Government have lost over £300 million of the contributors' money?
§ Mr. LloydThat sort of criticism comes very ill from the right hon. Gentleman. When he and his right hon. Friends were in authority, Daltons were bought at 80 and they stood at 631 when they left office.
§ Mr. JaySurely the Chancellor knows enough to be aware that much the greater part of the fall in gilt-edged has occurred since 1951?