Ireland's Life Assurance Society.
asked the Secretary to the Treasury if he is now in a position to state the names of the persons said to have attended the annual meetings of Ireland's Life Assurance Society alleged to have been held on 6th May; the reason why the annual report, due to be circulated before that meeting, was not printed until after; the number of persons insured with that society; the amount of money received in premiums and otherwise since the formation of the society; the amount spent; the amount of liabilities incurred; the amount available to meet liabilities; where and how this is secured; and, if the trustees, treasurer, and secretary are answerable, the amount for which each of them is a solvent security; and whether the Assistant Registrar of Friendly Societies has tested any of these figures, or merely repeats what he is told?
The Chief Registrar of Friendly Societies has no information with regard to the names of the persons who attended the meeting on 6th May, 1912, or to the printing of the annual report. Such particulars are not generally communicated to the Registrar. According to the returns for 1910 and 1911 the number of members of the society at the end of 1911 was 5,288; the amount of money received was, in 1910, for members' contributions, £1,323 11s. 11d.; other receipts, £116 13s. 6d., making together £1,440 5s. 5d.; and, in 1911, for members' contributions, £3,435 18s. l0d.; other receipts, £394 11s. 8d., making together £3,730 10s. 6d. The amount spent was, in 1910, £1,131 16s. 3d., and, in 1911, £3,740 3s. 5d. The liabilities of the society are stated as being £697 15s. 2d. The amount available to meet liabilities at the end of 1911 is stated as £697 15s. 2d., made up as follows:— £ s. d. In the Guardian Bank, Limited, Current Account £377 15 5 Government Securities 155 11 0 Cash in the cashier's hands 0 3 8 Office furniture and fittings 93 15 4 Stationery 70 9 9 The annual return does not include any statement of the amount of prospective liabilities of the society in respect of insurance. The treasurer, Mr. W. A. Saunderson, is stated to have given security for £200, and the secretary, Mr. John Michael Butler, to have given a bond for £200, but the extent to which the trustees, treasurer, and secretary are answerable for liabilities incurred is a question of law in each case. Neither the Assistant Registrar of Friendly Societies for Ireland nor the Central Office in England have tested the figures, but each of the annual returns contains a statement that it has been audited by a public auditor. The auditor's certificate this year is not complete and the Chief Registrar is in communication with the society on this matter.
Petrol Duty.
asked the Chancellor of the Exchequer whether he is aware that Inland Revenue officers are now supplying claim forms to firms claiming repayment of Petrol Duty, and are informing such firms that they are now entitled to the rebate although their applications had been refused; whether this change on the part of the Inland Revenue is due to an alteration in the law or in its interpretation; and whether, in the latter case, such firms are entitled to the rebate for the whole period since the tax was imposed?
I am not aware of any action, such as that referred to by my hon. Friend, being taken by officers of Customs and Excise. If any particular instance of such action can be given, inquiry will be made into the matter.
Over Stock Speculation.
asked the Chancellor of the Exchequer, whether he is aware of the fact that the German Government have issued warnings against the evils of over stock speculation; and whether he will communicate with the German Government to obtain the results accruing from their action?
I will make inquiry.
British Securities.
also asked the Chancellor whether he is aware that so universal has the distrust become in high-class British securities that the leading lawyers, brokers, and other prominent people who have become pre-eminent as the advisers of the investing public, have, during the past few years, not only advised their clients to sell out these securities, but also have recommended them to boycott these for new investments; whether he is aware that under these conditions such advice is playing into the hands of the home and foreign bear operators; and whether he will state what steps the Government propose to take to safeguard the present investors from further depression, as well as to prevent a continuance of such a state of panic in high-class British securities?
I am aware that it is the practice in certain quarters to decry British securities, and that this is to some extent reflected in their price, but do not think I could usefully take any steps in the direction indicated by the hon. Member.
further asked the Chancellor of the Exchequer whether he is aware that during the past three months a gamble on the London Stock Exchange has taken place in Nigerian tin, Marconis, oils, shipping, certain rails, and other shares which has resulted in losses estimated at several millions; whether he is aware that the liquidation of this gambling owing to these losses has caused many failures amongst all classes and have been the means of forcing sales of Consols, gilt-edged, railway, and other securities to pay up the gambling losses in the former shares; whether he is aware that subsequently a collapse occurred in nearly every security quoted on the London Exchange; and whether the Government will introduce legislation to prevent and modify the existing Stock Exchange system which causes a number of investors to sell out British securities and re-invest in foreign ones in order to protect themselves from such gambling operations on the London Stock Exchange?
I cannot undertake to propose legislation in the sense suggested.
Associations of Voluntary Schools.
asked the President of the Board of Education what Aid-Grant was paid to associations of voluntary schools under Schedule II., paragraph 2, of the Education Act, 1902; what further sums were paid to these associations by managers of voluntary schools out of balances of Grants received under the same paragraph; what schemes for creation of common funds were approved by the Board of Education in accordance with the Board's circular, dated February, 1903; whether the schemes approved provided for any official audit or for any submitting or publishing of accounts; whether the amounts received by these bodies can be stated, also the amounts expended and the present balances; if not, will he say why this cannot be done; and whether the provisions for audit and publicity, which were demanded by the code of those responsible for the accounts of voluntary schools before 1902, can now be imposed either by code or regulation on those administering the funds of associations of voluntary schools?
In reply to the first question, the Aid-Grant paid to associations of voluntary schools under the Education Act of 1902, Schedule II., Rule 12,. amounted to £84,418 15s. 2d. Full particulars of the payments, accompanied by an explanatory memorandum, are given in a statement presented to Parliament in 1905 [Cd. 2412]. In reply to the second' question, the Board have no information' as to any further sums paid to these associations by managers of voluntary schools out of balances of Grants. In reply to the third question, forty-eight schemes for common funds were approved by the Board in accordance with their circular, dated February, 1903, namely, one for each association to which the Board paid Aid Grant under Schedule II., 12. The names of those associations are given in the published statement referred to above. In reply to the fourth question, the schemes, approved did not provide for an official audit; some of them provided for the submission of annual accounts to a general meeting. In reply to the fifth and sixth questions, the Board have no information as to the receipts of these associations other than Aid-Grant; and have no infor- mation as to their expenditure or balances. In reply to the seventh question, the Board have no power by code or regulation, to require the audit or publication of the accounts of these associations.
Sea Fisheries.
asked the Prime Minister if he can now state the constitution and terms of reference of the Committee which it is proposed to appoint to consider the question of the territorial limit for sea fisheries and other matters?
The constitution and terms of reference of the Committee are not yet definitely settled, and I can at present add nothing to the answers already given in the House on this subject.