asked the Chancellor of the Exchequer what is the total decline in market values 'between October, 1951, and the end of June, 1961, of the securities held in the National Insurance Fund and National Insurance (Reserve) Fund.
The market value of the securities in the National Insurance Funds in October, 1951, was £1,267 million; the market value of the securities in the Funds on 28th June, 1961 was £1,077 million. These two figures are not strictly comparable, however, due to changes during the period in the amount and composition of the portfolios.
Can the Chancellor give the fall in values of the securities which were actually in that Fund in October, 1951? Is it not rather astonishing, however lie calculates them, that there has apparently been a decline of £200 million in those funds held in trust for the contributors?
There has been a fall quite clearly, just as by 1951 the fall in the "Daltons" held by the Funds was something like £80 million.