§ Mr. JOWETTasked the Chancellor of the Exchequer if he will say, in view of the allegations that some of the approved 593W societies are rapidly approaching insolvency owing to excessive claims, whether any approved societies have yet been dissolved by the Commissioners or otherwise terminated; and, if so, how many; what provision was in such cases made for their members; whether any valuations under the Act have yet been made; if so, how many and with what result; whether the Government propose to cause such valuations to be held in the near future; and, if not, what steps do they propose to take with regard to those approved societies which are alleged to be piling up, week after week, an increasing deficit?
Mr. BENNWith the exception of two small societies in Ireland, from which the Irish Commission have found it necessary to withdraw approval, no societies have been dissolved or otherwise terminated by the Commissioners. Some small societies, however, which have experienced difficulty in administering the Act, owing to their membership not attaining the number anticipated when they applied for approval, or to other reasons, have voluntarily arranged with other societies to take over their members. So far as my right hon. Friend is aware, the arrangements made have enabled all the members to join another society and have in no case resulted in their becoming deposit contributors. Benefits have only been payable for just over a year and no valuations have yet been made. My hon. Friend will be aware that a Committee is now investigating the whole question of alleged excessive claims upon societies. In addition, the Commissioners are making investigations where the amounts drawn by societies indicate a probability of excesssive expenditure, and, where practicable, are assisting the societies in making any reforms required in their system of administration.