§ Mr. CURRIEasked the Comptroller of the Household, as representing the National Health Insurance Commissioners, if he will state, approximately, the amount of the funds belonging to approved societies which have been invested, on the requirement of the Government, in public stocks; what depreciation has taken place in the same; against whom this depreciation is to be charged; what rate of interest 825W on such money is allowed by the Government to the societies; and what becomes of the difference betwen the rate allowed and the real return earned by the money?
Mr. ROBERTSThe amount of National Health Insurance Funds paid over to the National Debt Commissioners for investment in public stocks in accordance with Section 54 of the Act of 1911 was at 31st December, 1915, with accruing interest, approximately £30,000,000. Practically the whole of this sum represents funds belonging to approved societies, partly in the investment account and partly balances available for temporary investment under the proviso to Section 54 (3). An account of the securities held by the National Debt Commissioners as investments on behalf of the several National Health Insurance Funds was printed as a House of Commons Paper (No. 90) on 20th June last.826W The value of the securities at the market price of the day was on 31st December, 1915, approximately £27,000,000. Interest is credited to societies on moneys in the investment account at the rate prescribed by Regulations, and in fixing the rate which is at present 3¼ per cent. the Joint Committee have due regard to the necessity of creating a reserve to meet any losses on realisation. Societies may therefore feel assured that the par value of their holding in the investment account will be effectually maintained. The same principle is observed in apportioning amongst societies pro rata interest earned on moneys issued for temporary investment. As I stated in reply to the question by the hon. Member for Mid-Armagh on the 29th September, 1915, the interest earned on investments made by the National Debt Commissioners on behalf of the National Health Insurance Fund, is devoted entirely to the purposes of that fund.