§ Mr. PETOasked the Secretary to the Treasury whether it has been decided from what date interest will be payable on the amounts represented by the stamped cards sent in to the Commissioners by the different friendly societies; and from what date interest is to be charged to the different friendly societies on advances which have been and will be made to them by the Treasury?
§ Mr. MASTERMANUnder the Act interest can only be credited on sums transferred to the investment account, and not on current balances. The precise basis on which the interest available for distribution between societies (including interest so available on account of the temporary investment of sums in the National Health Insurance Fund not required to meet current liabilities) depends on accounting arrangements, which are not yet complete. Interest is not chargeable to societies on advances made to them out of their credits in the National Health Insurance Fund; the effect of such advances is ultimately to reducepro tanto the amount on which they earn interest.