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National Insurance (Reserve) Fund

Volume 477: debated on Tuesday 4 July 1950

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asked the Chancellor of the Exchequer if the Treasury will, under Section 36 (2) of the National Insurance Act, 1946, direct a revised form of account for the National Insurance (Reserve) Fund so as to show, until written off by authority, the loss amounting to £12,867,972 on revaluation at 5th July, 1948, of the securities.

Mellor: Has the Chancellor of the Exchequer read the Report of the Comptroller and Auditor-General stating that the loss on revaluation has not been recorded, either in the accounts of the absorbed funds or in this account, and is the Chancellor prepared to acquiesce in this shabby concealment?

I am prepared to state that I believe the accounts are in the best form.