HC Deb 09 March 1875 vol 222 cc1486-7

asked Mr. Chancellor of the Exchequer, Whether his attention has been drawn to a recent article in the "Pall Mall Gazette," referring to a deficiency of over four millions and a-half incurred by the National Debt Commissioners in their account with the Trustees of Savings Banks and Friendly Societies; whether such deficiency is still increasing; and, whether Her Majesty's Government propose to bring forward any measure to remedy a system which makes such accumulating deficiencies possible?


, in reply, said, he had read the article mentioned in the Question of the hon. Member, and which referred to a question frequently brought before the attention of the House in connection with certain yearly accounts supplied under the provisions of an Act of Parliament. The accounts between the National Debt Commissioners and the Trustees of Savings Banks and Friendly Societies showed a deficiency against the Commissioners, arising from the fact that in former years a higher rate of interest was allowed by them than they could earn from the investments then open. Of late years the rate of interest allowed by the Commissioners had been reduced, while they had been able to earn a larger amount; but, in consequence of the deficiency which occurred before the corrections between the two rates of interest were made, a deficiency was created which for some years had gone on accumulating. It continued to increase, and would ere long demand the attention of Parliament. He hoped to have an opportunity in the course of the Session of calling the attention of the House to various matters in connection with their National Debt, and this would be one of the matters to which he would direct attention.