HC Deb 05 April 1954 vol 526 cc1-3W
9. Mr. Osborne

asked the Minister of Pensions and National Insurance what investments were transferred to the National Insurance Reserve Fund which, upon revaluation in the year 1952–53, showed a net loss of £14,721,327; when these securities were purchased and at what prices; and what is the present value of the fund's investments which on 31st March, 1953, stood at £959,440,434 and then showed a loss of approximately £109 million.

Mr. Turton

The following investments were transferred from the National Insurance Fund to the National Insurance (Reserve) Fund in 1952–53, but it is not the practice to disclose details of the transactions of the National Debt Commissioners.

Security Nominal Value
£ s. d.
3 per cent. Savings Bonds, 1955–65 43,012,338 14 2
2½ per cent. Savings Bonds, 1964–67 112,287,688 16 6
3 per cent. Funding Stock, 1959–69 67,971,476 13 0
3 per cent. Funding Stock, 1966–68 10,000,000 0 0
British Gas 31 per cent. Guaranteed Stock, 1969– 71 10,000,000 0 0
British Electricity 3½ per cent. Guaranteed Stock, 1976–79 3,150,000 0 0
3½ per cent. Treasury Stock, 1977–80 1,000,000 0 0
British Iron and Steel 3½ per cent. Guaranteed Stock, 1979–81 730,333 3 5
British Electricity 4½ per cent. Guaranteed Stock, 1974–79 25,000,000 0 0
2½ per cent. Funding Stock, 1956–61 48,392,391 12 8

Particulars of the securities of the two Funds at 31st March, 1954, and their market value at that date will be published with the Accounts of the Funds for the Financial year 1953–54 and I must ask my hon. Friend to wait the publication of those accounts.

10. Mr. Osborne

asked the Minister of Pensions and National Insurance when he purchased £211,266,262 2½ per cent. Treasury Stock 1975 for £162,028,254 which, on 31st March, 1953, was worth only £127,023,840 and therefore showed a loss of over £35 million; what is its value today; and why he purchased so much irredeemable stock.

Mr. Turton

The whole of the Reserve Fund holding of 2½ per cent. Treasury Stock, 1975, was acquired before March, 1950.

11. Mr. Osborne

asked the Minister of Pensions and National Insurance why, in the year 1952–53, he exchanged short-term holdings for longer dated securities involving a loss to the National Insurance Fund of £4,284,328; what stocks were sold and bought and on what dates; and why it was not foreseen earlier that different securities would be required in order to provide a suitable distribution of maturities for the Insurance Fund.

Mr. Turton

It has never been the practice to disclose details of the transactions of the National Debt Commissioners. But opportunities of buying suitable stocks are taken as they occur to

FOODSTUFFS PURCHASED FROM OVERSEAS BY THE MINISTRY OF FOOD DURING 1953
Commodity Purchases (a) Arrivals
Tons '000 Value (f.o.b.) £'000 Tons '000
Fruit and Canned Fish (b) … … 269 26,950 268
Meat and Bacon (c) … … 1,151 202,687 1,140
Coffee … … 13 3,975 12
Cereals, Starch and Animal Feeding Stuffs … … 5,021 139,604 5,450
Sugar and Glucose … … 2,782 93,127 2,415
Milk Products, Eggs and Oils and Fats … … 2,226 257,924 2,141
11,462 724,267 11,426
NOTES:
(a) Exclude purchases shipped direct for overseas consumption.
(b) Including canned fruit, dried fruit, edible nuts and fruit juices
(c) Including canned meat.