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Elsie Mackay Fund

Volume 959: debated on Monday 4 December 1978

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asked the Chancellor of the Exchequer when the proceeds of the fund announced in the House in July 1928 and known as the Elsie MacKay Fund are to be surrendered for the reduction of the national debt; and if he will announce what action he proposes to take.

Almost 50 years have elapsed since the establishment of this fund, under a trust deed dated 13th December 1928. The latest possible date of application of the fund, therefore, would have been 13th December 1978. The managing trustees have decided that the date for the securities to be transferred to the names of the commissioners for the reduction of the national debt shall in fact be Monday 4th December. The market value of the gilt-edged securities held in the fund at the close of busi-

Department of Education and Science and Department of Employment jointly: for education and training of trade unionists400,000642,0001,000,000
Ministry of Overseas Development: for training of overseas trade unionists as part of the Aid Programme35,47875,000
Treasury: for communicating the Governments' industrial strategy50,000