§ MR. WATNEYasked Mr. Chancellor of the Exchequer, Whether, at the end of the last financial year, all the money belonging to depositors in the Post Office Savings Banks (with the exception of the balance in the banker's hands) was invested according to the Act 21 Vic. c. 14; and, if not, to state the amount uninvested, distinguishing the amount in the banker's hands?
THE CHANCELLOR OF THE EXCHEQUERSir, all the money belonging to depositors in the Post Office Savings Banks at the end of the last financial year was invested according to the Act 24 Vic. c. 14, with the exception of the balance in the Bank of England to the credit of the National Debt Commissioners on account of Post Office Savings Banks, and the balance in the hands of the Postmaster General and his officers. The balance to the credit of the National Debt Commissioners at the Bank of England on Post Office Savings Banks account on the 31st of March last was £1,268,000, and of this amount £430,000 was received from the Post Office on that day. The estimated balance remaining due to the National Debt Commissioners by the Post Office on account of Savings Banks deposits on the 31st of March last, after payment of the sum of £430,000, was £88,900. This balance included Post Office Savings Banks cash in the hands of nearly 5,000 postmasters. It also included remittances in transit and bills not arrived at maturity. The balance ill the hands of the National Debt Commissioners on the morning of the 31st of March was only £838,000, of which sum £500,000 was reserved for an advance promised to the Irish Church 1719 Commissioners, and made on the 4th of April. Out of the remainder, the National Debt Commissioners were making daily advances under the Pensions Commutation Act, and were investing in stock at the rate of £50,000 a-day. The transfer of the £430,000 was quite unexpected.