STATEMENT showing the AGGregate Gross CAPITAL LIABILITIES of the State, the ESTIMATED ASSETS, and also the EXCHEQUER BALANCES, on the 31st March 1921, and 31st March 1922. Bonds, &c., tendered for Death Duties under 9 & 10 G. 5. 7,585,409,690 7,676,295,109 + 90,885,419 c. 37, and held by the Nationa Debt Commissioners until drawn or paid off, viz. :— 4 per cent. Funding Loan 4 per cent. Victory Bonds 17,394,846 23,985,274 + 6,590,428 Under Telephone Transfer Act, 1911 [For Notes see page 88. In addition, a sum of about 21,000,0007, was due to the Exchequer on 31st March 1922 for National Savings Certificates sold during the last days of March, the purchase money of which did not reach the Exchequer until april. This liability represents money belonging to suitors of the Court of Chancery. Prior to 1869 such money was invested in Government Securities, and the interest was charged with the payment of the Salaries, &c., and expenses of certain officers of the Court. By the Act 32 & 33 Vict. c. 91, these charges were made payable out of votes of Parliament, and the Government Securities representing the cash book-debt to suitors were transferred to the National Debt Commissioners and cancelled in 1870. The nominal liability now remaining, which includes certain losses by fraud or error affecting suitors' money, for which the Consolidated Fund is contingently liable, is reduced to some extent by the operation of investments of suitors' cash not required for current payments under the provisions of the Court of Chancery (Funds) Act, 1872; the assets represented by these investments being in excess of the liability in respect of them. The Stock and cash available to cover this liability were transferred to the National Debt Commissioners in 1869 and 1870, and the Stock, together with similar Stock purchased with the cash so transferred, was cancelled under the provisions of the Act 32 & 33 Vict. c. 91. Amount advanced under the provisions of the Acts 48 & 49 Vict. c. 47, 49 Vict. c. 12, and 50 & 51 Vict. c. 187 (Local), out of funds held by the Treasury in respect of bankrupts' estates (under the Bankruptcy Act, 1883), for the purchase of a site and the cost of buildings for the Bankruptcy Department, and for providing office accommodation for officers performing duties under the Bankruptcy Act, 1883. Amount realised by the sale of Stock held on account of the Fee and other Funds of the Courts of Chancery and Exchequer in Ireland, and paid over to the Exchequer in 1868 under authority of Act 31 & 32 Vict. c. 88. Amount of suitors' money appropriated towards the cost of buildings of the Courts of Law in Dublin, under various Acts, and to the cost of altering, &c., the Four Courts Library, under Act 57 Vict. c. 4. Amount of loss arising from a deficiency in the accounts of a former Master of the Court of Chancery in Amount of suitors' money appropriated for the purposes of the Housing of the Working Classes (Ireland) Acts, under 8 Edw. 7. c. 61, and for the purposes of the Labourers (Ireland) Acts under 1 & 2 Geo. V. c. 19 [stock. 130.0007. (nominal), and cash 66,0007.]. The Consolidated Fund is also contingently liable for the dividends that would have accrued if the Stock had not been thus appropriated. Under the provisions of 20 & 21 Vict. c. 60. s. 295, certain stocks and moneys held by the late Court of Insolvent Debtors, Ireland, together with dividends declared on bankrupts' estates but unclaimed for 12 months, have been transferred to this "Unclaimed Dividend Account." Under the provisions of 40 & 41 Vict. c. 57, s. 85, 23,5007. stock, and 27,0257. 13s. 2d. cash, available to meet claims against the account, have from time to time been transferred to the National Debt Commissioners, and the stock, together with other stock purchased with the cash so transferred, has been cancelled. The Consolidated Fund is consequently liable for claims which the cash balance standing to the credit of the account may be insufficient to meet. The Bank of England in 1791 and 1808 (under the provisions of the Acts 31 Geo. 3. c. 33, and 48 Geo. 3. c. 4) repaid to the Exchequer 1,000,000l. a part of the large balances then remaining unclaimed in their hands out of moneys issued for the payment of dividends on the public debt. The total amount so repaid has been from time to time reduced by re-issues from the Exchequer (788,2607. 19s. 3d.) to meet claims for dividends falling payable, and by sums realised by the fractions of pence saved in the payment of dividends (181,502/. 38.). A similar (net) repayment of interest, on South Sea Stock, &c., was made to the Exchequer by the South Sea Company between 1845 and 1852, under the provisions of 7 & 8 Vict. c. 80. The management of the annuities was subsequently taken over by the Bank of England and the balance then in the hands of the South Sea Company was transferred to that Bank. Dormant balances of interest on Government Funds paid into the Exchequer in 1882 and 1912. Under the provisions of 27 & 28 Vict. c. 24. s. 17, unclaimed Shares and Balances of Naval Prize Money, &c., have from time to time been transferred to the Consolidated Fund, which is made liable by that Act for claims which the Navy Prize Cash Balance may be insufficient to meet. The present liability is in respect of unclaimed Prize Money which has not been outstanding more than 40 years. This amount is due from the Exchequer to the National Debt Commissioners in respect of annuities payablo but unclaimed, and for which, therefore, the full amount has not been actually issued from the Exchequer. Under Section 10 of the Finance Act 1904, 1,000,000l. was paid into the Exchequer out of the account of Unclaimed Dividends. The liability has been reduced by the accumulation and re-investment of dividends. Deficiency of Assets shown by valuation as at 31st December 1915, charged on Consolidated Fund under Section 3 of 27 & 28 Vict. c. 46. N.B.-Under the same Act, Reduced Three per cents. to the amount of 30,000l. were cancelled on 24th November 1887, in respect of a surplus shown on valuation at 31st December 1885. Post Office Savings Banks: Trust se Savings Banks: Friendly Societies: The Consolidated Fund is liable to make good any amount by which the Funds held by the National Debt Commissioners may prove insufficient to meet the claims of Depositors in the Post Office Savings Bank, or of the Trustees of Trustee Savings Banks and Friendly Societies. |