§ 34. Mr. Mitchisonasked the Chancellor of the Exchequer what is the total and the percentage depreciation since date of purchase of the securities purchased since 1st April, 1962, and held, at the latest convenient date, in the National Insurance (Reserve) Fund by the National Debt Commissioners; and what steps it is proposed to take to obviate any further depreciation.
§ Mr. MaudlingThe total depreciation in the securities purchased since 1st April, 1962, was £262,000 on 27th November. This represents 0.367 per cent, of the cost price. A loss of this order is quite possible from price movements in a single day and is, therefore, within the normal margin of fluctuation. The last part of the Question does not, therefore, arise.
§ Mr. MitchisonIs not this the last stage of the continuing depreciation of this Fund, and ought not the National Debt Commissioners to have met and done something about it or, failing that, ought not the Fund to have been passed to people who would look after it and have full powers of investment?
§ Mr. MaudlingI doubt if that would add anything to the wealth of the nation or the benefit of the contributors.