Committee Reports::Interim and Final Report - Appropriation Accounts 1940 - 1941::16 July, 1942::Appendix


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APPENDIX VI.

POSITION OF THE UNEMPLOYMENT FUND.

In the course of my examination by the Committee of Public Accounts I promised to furnish information on the position of the Unemployment Fund.

In 1937/38 the deficit on this Fund, which had accumulated since 1922/23, was liquidated and a surplus of £149,279 was recorded at 31st March, 1938. This surplus increased each year until at the close of the 1939/40 account it had reached £280,649.

During the years 1940/41 and 1941/42 payments exceeded receipts and the surplus was reduced to £212,708 at 31st March, 1941 and to £72,309 at 31st March, 1942.

It is estimated that the excess of payments over receipts for the first three months of the current financial year will be approximately £50,000. The surplus at 30th June, 1942 will, therefore, have been reduced to approximately £22,300. This sum will not be sufficient to meet the anticipated deficit for the remainder of the year and advances from the Exchequer estimated at £100,000 will become necessary.

(Signed) R. C. FERGUSON.

Accounting Officer.

Department of Industry and Commerce.

30th June, 1942.