HC Deb 08 February 1881 vol 258 cc336-7
MR. WILLIAMSON

asked the Postmaster General, If he can give satisfactory information to the House with regard to the operation of the facilities recently provided by the Post Office for investing small sums in the Government Funds?

SIR WALTER B.BARTTELOT

asked the Postmaster General, If he will state the number of new Savings Bank Accounts that have been opened through the agency of the plan for receiving shilling deposits at the Post Office Savings Banks by means of stamps?

MR. FAWCETT

Sir, in reply to the Questions of my hon. Friends, I have to state that the scheme for the investing of small sums in Government Stocks through the Savings Banks came into operation on the 22nd of November last. During the 10 weeks which elapsed between that time and the 31st of January, the amount invested through the Post Office Savings Banks was £230,087. Of that sum, only £1,289 had been sold. The number of persons purchasing Government Stocks through the Post Office Savings Banks has been 3,700, and the average amount of their investments £58. Of the £230,000 which has been thus invested, £138,000 was deposited in the Savings Banks for the purpose of immediate investment, and £92,000 was withdrawn from existing deposits. In spite of this withdrawal of deposits, I am glad to be able to state that during the period of 10 weeks to which I have referred the amount deposited in the Post Office Savings Banks has exceeded the amount withdrawn by £828,000; whereas, in the corresponding period of last year, the excess of deposits over withdrawals was only £442,000. Besides the amount invested in Government Stocks through the Post Office, £30,200 has also been invested through the Trustee Savings Banks. Although the plan for receiving 1s. deposits at any Post Office Savings Bank in the form of stamps has only been in operation throughout the entire country since the 15th of November last, the number of new Savings Bank accounts that have been opened through its agency is no less than 131,500, and the number of stamps deposited has been 3,600,000.