32. Reports to Parliament.-Provision should also be made for the inclusion in the Registrar's Annual Reports to Parliament of a general statement on the operation of the Act. We consider, however, that the statement should not be accompanied by any such abstract of the accounts or valuation reports of particular funds as is customarily submitted by the Registrar in the case of friendly societies and by the Board of Trade in the case of assurance companies. We have recommended that provision should be made for the submission of full information as to the position of the funds to those interested, and we think that general publication is unnecessary and probably undesirable.

V. FUNDS WITH ANALOGOUS PURPOSES.

33. We have interpreted this expression in the terms of reference as meaning, broadly, such funds, other than superannuation funds, as are established in connection with an undertaking, to provide monetary benefits for persons employed therein or the dependants of such persons, and to which the employer in the undertaking is a contributor. Three classes of such funds have, in particular, been considered, and only those classes appear to us to require reference here. They are —

(1) Widows' and Orphans' Funds.-By this term we mean a fund the main purpose of which is the provision of annuities, during widowhood, to the widows of members or ex-members, and of annual allowances to or in respect of children of members or ex-members, although the fund may have as a subsidiary purpose the payment of lump sums in lieu of, or in addition to, annuities or allowances.

(2) Insurance Funds.-By this we mean a fund the main purpose of which is the assurance of capital sums on the death of members.

There does not appear to be any considerable number of funds having this as their main purpose.

(3) Provident Funds.-By this term we refer to the type of fund which was the subject of paragraphs 321 and 322 of the Report of the Royal Commission on the Income Tax, which we quote in paragraph 6 of this report. The purpose of these funds is the accumulation, by means of contributions by employer and employees, of sums of money to be paid to the employees on retirement, or to their dependants or legal representatives on their death.

34. In regard to (1) Widows' and Orphans' Funds and (2) Insurance Funds, we are of opinion that the disabilities under which they are placed by the Rule are similar to those affecting superannuation funds and can be removed only by measures involving the hardships we have already described, and that they call for the same remedy as we have suggested for superannuation funds.

In regard to (3) Provident Funds, it may be that some of these also offend the Rule, but no actuarial considerations arise, the benefits being determined by accumulations credited to the individual members whose precise interests are always known or readily ascertainable. The winding up of provident funds by reason of the Rule would generally, therefore, result in no inequity, and any break could be provided for by a sequence of funds.

35. We consider, therefore, that the relief proposed for superannuation funds should not extend to provident funds, but should apply to widows' and orphans' funds and insurance funds as defined above, and we recommend that in these cases the same conditions should apply, mutatis mutandis, as for superannuation funds.

36. We desire to express our appreciation of the admirable. manner in which Mr. W. Philipson has carried out his duties as Secretary; his wide experience and practical knowledge of the working of the funds which have formed the subject of our enquiry have been of very great value to us in our deliberations.

CLAUD SCHUSTER (Chairman)

WALTER S. KINNEAR.

PERCY THOMPSON.

ALFRED W. WATSON.

F. PHILLIPS.

W. PHILIPSON,

Secretary.

19th July, 1927.

(63632r-22) Wt. 11297-515 250 8/27 II. St. G 71

2

ENGLAND AND WALES).

REPORTS of HIS MAJESTY'S INSPECTORS OF CONSTABULARY
for the year ended the 29th September, 1926.

(Presented pursuant to 19 & 20 Vict. c. 69, s. 15.)

Ordered, by The House of Commons, to be Printed,

8th February, 1927.

LONDON:

PRINTED AND PUBLISHED BY HIS MAJESTY'S STATIONERY OFFICE
To be purchased directly from H.M. STATIONERY OFFICE at the following addresses:
Adastral House, Kingsway, London, W.C.2; 120, George Street, Edinburgh;
York Street, Manchester; 1, St. Andrew's Crescent, Cardiff;

15, Donegall Square West, Belfast;

or through any Bookseller.

1927.

Price 91. Net.

TABLE OF CONTENTS.

Reports by H.M. Inspectors of Constabulary :

(1.) Sir Leonard Dunning

(2.) Major-General Sir L. W. Atcherley, C.M.G.,

C.V.O.

Statistical Tables:

(1.) Table I.-Strength, &c., of the several Police
Forces on 29th September, 1926 ..

(2.) Table II.-Police Expenditure and Income

in the year ended 31st March, 1925

PAGE

3

11

16

26