§ Sir K. WOODasked the Financial Secretary to the Treasury whether he is aware that the returns to the Registrar of Friendly Societies show that the secretary of the Provident Co-operative Collecting Society is Mr. C. L. Payne, of Cardiff, and that the annual return of this society for the year 1921 shows that the contributions received were £10,866 and the management expenses £8,546, representing over 78 per cent. of the contributions; what, is the total amount received in contributions, as shown by the returns rendered since the society was registered; and what amount has been paid in respect of management expenses in the same period?
§ Major BOYD - CARPENTERThe answers to the first two parts of this question are in the affirmative. The Provident Co-operative Collecting Society was registered on 22nd March, 1918, and the annual returns for the years 1918 to 1921, inclusive, show that the total amount of contributions received was £27,525, and the amount spent in management expenses £22,066, a percentage of 80.2. The return for 1922 has not yet been received.
§ Sir K. WOODasked the Financial Secretary to the Treasury whether he is aware that the annual return of the United National Friendly Assurance Collecting Society shows that the contributions received or credited in the year 1921 amounted to £7,859; that the amount charged to the management fund during that year was £4,444; and that the benefit fund was stated by the returns to amount at the end of the year to £4,229; what part of this sum was represented by actual investments and cash in hand, respectively; under what heads is the remainder (if any) entered in the balance sheet; how far do the several items making up the total appear to constitute 502W security for the policy holders; when was the society last valued; and what was the result of the valuation?
§ Major BOYD-CARPENTERThe return of the society named for the year 1921 shows that the contributions brought into account were £7,859, but the amount actually received appears to have been only £7,576, the difference representing the increase during the year in the item "Outstanding Premiums." The expenses of management were, as stated, £4,444. The benefit funds are entered in the return at the total of £4,229 11s. 0d., but there were no investments, the only tangible assets being £19 4s. 3d, balance at the bank, and £195 7s. 9d. cash in hands of head office and superintendents, and even these small sums were subject, apparently, to deduction of £119 0s. 2d. for sums due to sundry creditors. The "assets" entered in the balance sheet consisted, otherwise, of (i) outstanding premiums £959 7s. 1½d., (ii) stationery £150, and (iii) management fund debt £3,024 12s. 0½d. There is little or no security for members (policy holders) in the first of these items, and none at all in the second and third, which represent expenditure on management in excess of the large sums authorised by the rules. The last valuation was made as at 31st December, 1919, and showed a deficiency of £36,985, the assets being equal to 11s. 9d. in the pound after taking credit for the management fund debt as though it were a realisable asset.