Report of the Royal Commission on National Health Insurance

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Monograph

Identifikator:: 1740277147

URN:: urn:nbn:de:zbw-retromon-132094

Document type:: Monograph

Title:: Report of the Royal Commission on National Health Insurance

Place of publication:: London

Publisher:: Stationery Office

Year of publication:: 1926

Scope:: XII, 394 S.

Digitisation:: 2020

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XIII. Miscellaneous questions

Collection:: Economics Books

MAJORITY REPORT. 251 ee — looked upon as a merely temporary feature for which compensa- tion will be provided at a later period. These facts must be kept in view in considering the evidence directed to the question whether any change is desirable. The evidence we have received shows that the Societies are, as a rule, more fully appreciative of the results of their own investment operations than of those of the corresponding official activities as expressed by the credits of interest at the *‘ prescribed rate.” Nevertheless, there is no general desire for change. 614. The Ancient Order of Foresters (Q. 4376-4379) have no objection to the present arrangements, though in their own investments they state that they earn 4:9 per cent. interest, with large capital appreciation. The National Amalgamated Approved Society (App. XXV, 83-34) propose no change, though they have realised similar results. The Lancashire and Cheshire Miners’ Permanent Approved Society (App. XI, 31-34) suggest that wider powers of investment should be given to Societies. The Hearts of Oak Benefit Society have recommended (App. IV, 307-319; Q. 3667-3708) that Societies should be empowered to invest the whole of the moneys available for investment on the ground that the Society would gain by capital appreciation. On examination, however (Q. 7 394-7449), it appeared that this Society had not improved its interest income by the rather considerable series of investment changes on which it had embarked, and had, therefore, added nothing to its real assets. It appeared to us that in these circumstances the capital apprecia- tion in which the transactions resulted represented no such tangible advantage as to commend to us the proposition that Societies should be given control over an extended proportion of investable funds. 615. We have come, therefore, to the conclusion that no change should be made in the present arrangement under which one-half of the funds available for investment is carried to the Investment Account and dealt with in bulk by the National Debt Commissioners, the other half being made available as regards each Society, for investment by the Society itself, or at its direction, in trustee securities. This plan was adopted in 1911 as a modification of that originally proposed by the Bill, Under which the whole of the accruing funds would have been Invested by the National Debt Commissioners; it was the sub- lect, therefore, of an important amendment to the Bill, and One which must have been fully considered at the time. It cannot he said to have operated to the disadvantage of the insured Persons. So far, indeed, from this having been the case, it has Provided opportunities of comparing alternative policies in regard to the treatment of interest income which may lead to very valuable conclusions if the experiment is allowed to continue for * sufficiently prolonged period to enable definite results to 54700

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