§ 85. Sir J. Mellorasked the Minister of Health why he has provided by Regulation 2 (2) of the National Health Service (Hospital Endowments Fund—Discharge of Liabilities) Regulations (S.I., 1950, No. 438) that the values of the securities left in the fund shall be taken as their market value at 5th July, 1948, instead of present market value; why he has made no provision for the valuation of unquoted or unmarketable securities; and what was the estimated value of the fund on 5th July, 1948, and on 27th March, 1950, respectively.
§ Mr. BevanThe provisions of the Act about the setting up of the fund, the discharge of liabilities out of it, and its apportionment among hospital boards186W and committees, take effect as at 5th July, 1948. The amount to remain in the fund must therefore also be based on a valuation at the same date. There are no unquoted or unmarketable securities left in the fund.
The fund's estimated value at 5th July, 1948 (including assets still to be received) is £29,800,000. There is no occasion to value it 27th March, 1950, but a valuation at the end of each financial year will be included in the accounts of the fund presented to Parliament in accordance with the Act.