HL Deb 14 October 1969 vol 304 cc1306-7
Lord MITCHISON

My Lords, I beg leave to ask the first Question which stands in my name on the Order Paper.

[The Question was as follows:

To ask Her Majesty's Government when and how much the National Insurance (Reserve) Fund last contributed to the National Insurance Fund, and in what circumstances such a contribution is considered preferable to an increase of the contributions of individual contributors.]

Lord BESWICK

My Lords, the income from the National Insurance (Reserve) Fund is transferred to the National Insurance Fund at regular intervals; in 1968–69 £50 million was so transferred. In addition, the capital sum of £200 million was transferred to the National Insurance Fund from the National Insurance (Reserve) Fund in that year, pursuant to a resolution of the House of Commons dated December 12, 1968. The circumstances of that transfer were exceptional and no general rules can be deduced from it.

Lord MITCHISON

My Lords, while thanking my noble friend for that most ingenious Answer, may I ask the second Question standing in my name on the Order Paper?

Several Noble Lords: No!

[The Question was as follows:

To ask Her Majesty's Government by how much the original cost of the securities comprising the National Insurance (Reserve) Fund was greater or less than their market value at the end of the fiscal year 1957–58, and the like question as at the end of the fiscal year 1968–69 or at the latest available date.]

Lord BESWICK

My Lords, the cost price of securities held at March 31, 1958, exceeded the then market value by £289 million, and at March 31, 1969, by £377 million.

Lord MITCHISON

My Lords, did my noble friend say that the cost price exceeded the market value?

Lord BESWICK

Yes, my Lords. My Answer was intended not to be ingenious, but to give my noble friend the facts. The facts support the understanding which he apparently derived.

Lord CARRINGTON

My Lords, is the noble Lord aware that the procedure adopted by the noble Lord, Lord Mitchison, in asking his second Question before the Clerk called it, has deprived me of the opportunity of asking a most telling supplementary?

Lord MITCHISON

My Lords, is the noble Lord aware that I am extremely sorry?