§ 37. Mr. GINNELL
asked the President of the Board of Trade if he will say whether the latest accounts lodged with the Board by the Lancashire and General Assurance Company, Limited, are satisfactory; what is the net amount of capital shown to be available for the protection of insured persons; in what way it is secured against the cost of administration; how far this latter cost exceeds the normal; and what officers of this company are also officers of other companies of a similar character?
The latest accounts lodged by the Lancashire and General Assurance Company, Limited, comply with the provisions of the Assurance Companies Act, 1909. The assets shown by the balance-sheet, showing the position on 30th June, 1911, include amounts due from sundry debtors and from other companies, £1,370; outstanding premiums, £507; cash at bank and in hand, £807; and sundry other small items amounting to £151. So far as I am aware, these assets are not secured against the cost of administration. During the fourteen months ending 30th June, 1911, the net premiums received in respect of fire insurance business amounted to £2,124, and the commission and expenses of management to £1,637. Mr. J. Fenwick, Mr. J. A. Joseph, Mr. J. Whittaker, and Mr. W. Whittaker, who are directors of this company, are also directors of other insurance companies.