§ Mr. GINNELLasked the Secretary to the Treasury whether the rules of the Royal Irish Constabulary Force Fund provide for an occasional actuarial investigation of the assets and liabilities of that fund by the National Debt Commissioners by direction of the Treasury; whether any investigation of this character has been held since 1891; in what respect it differs from the annual audit by the Comptroller, 965W and Auditor-General; what the assets consisted of in 1891 and on 31st December, 1912, respectively, with the face value and market value of each denomination at those respective dates; the amount of loss or gain to the fund in that time by sale or purchase of each particular security; how much, if any, loss the fund would sustain by realising the securities now held at present prices; and why these particulars are not set forth in the annual audit of the fund?
§ Mr. MASTERMANThe answer to the first part of the question is in the affirmative. The Treasury has not since 1891 thought it necessary to incur the considerable expense and trouble attaching to an actuarial valuation, the result of which would in no way affect the position of persons entitled to benefit from the benefit branch of the fund. An actuarial investigation would necessitate a valuation of the liabilities in respect of each contributor as compared with the assets represented by the securities held and the contributions receivable; the annual audit of the Comptroller and Auditor-General deals only with the actual receipts and payments of the fund. The following table shows the assets in 1891 and on 31st December, 1912, respectively, in the form asked for:—
At 31st December, 1891. At 31st December, 1912. — Nominal Amount of Security. Price. Value. Nominal Amount of Security. Price. Value. £ £ £ £ Local Loans Stock … 154,000 102½ 157,850 154,000 86⅜ 133,018 Consols … 158,383 95¼ 150,860 221,512 75 1/16 166,272 Cash Balance … — — — 2,539 — 2,539 308,710 301,829 The benefit branch of the fund was transferred to the National Debt Commissioners in 1891, and consisted at that date of £154,000 Local Loans Stock and £150,000 voted by Parliament. No value was assigned to the Local Loans Stock, and it still remains intact. Consols have been bought in the period to the amount of £307,484, at a cost of £294,105, and sold to the amount of £85,972, at a cost of £77,319. The sales would show a loss of £4,913 when compared with the cost price. A valuation of the securities at present prices would necessarily show a considerable depreciation, but the full extent can-
966Wnot be gauged, as there was no value assigned to the Local Loans Stock. The annual accounts furnished to the Comptroller and Auditor-General show the purchases and sales of securities in each year and the balances of such securities remaining at the end of the year, but it would serve no useful purpose to value these securities at a fixed date, seeing that they will fall to be realised over an extended period.