§ 2.35 p.m.
§ LORD MITCHISONMy Lords, I beg leave to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government whether they will cause a reference to be made to the Judicial Committee under Section 4 of the Judicial Committee Act 1833 of the question of what are the functions and duties of the National Debt Commissioners in the investment of the National Insurance Fund and the National Insurance (Reserve) Fund and in particular whether (with or without the advice of the Treasury) they are bound to have regard wholly or mainly to the needs and statutory purposes of those Funds or whether and in what circumstances they are bound or entitled to give priority to other considerations.]
§ LORD BESWICKNo, my Lords. The exercise of the statutory powers of the National Debt Commissioners in relation to the National Insurance Funds has, under normal practice, come under review by the Public Accounts Committee, and indeed by the Radcliffe Committee, and there has never been any suggestion that these powers are being improperly exercised.
§ LORD MITCHISONMy Lords, is my noble friend aware that there are two views about this? One is that the investments have been made in a futile attempt to support the gilt-edge market, and the other is that they ought to be made for the purposes of the Funds themselves and the National Insurance 324 Act. Surely the question which of those two views is right should be determined?
§ LORD BESWICKMy Lords, I know there are different views about this, and those views have been expressed very forcibly by my noble friend, but that is no reason to suggest that the Trustees of the National Debt Commission are doing anything other than in accordance with their statutory obligations. There is, therefore, absolutely no question of a judicial body investigating what they are doing.
§ LORD MITCHISONMy Lords, there is a difference between the conception of what that statutory duty is as expressed, for instance, by Mr. Diamond in Opposition, and as now expressed, no doubt, by the Chief Secretary to the Treasury. Should not that be resolved?
§ LORD BESWICKYes, my Lords, but not by a judicial body.
§ LORD MITCHISONWhy not? Is it not a question of law?
§ LORD BESWICKMy Lords, obviously it is a question of national policy.
§ LORD MITCHISONMy Lords, have not questions involving national policy frequently been decided by the Judicial Committee?