MR. BUXTONasked the Postmaster General, with reference to the working of the Savings Bank Act of 1880, What sum of money has been invested through the Trustee and Post Office Savings Banks in Government Stock; in what proportion has the sum been supplied—(a.) by withdrawals 809 from current deposits; (b.) by moneys specially deposited for the purpose of investment; whether the amount thus withdrawn for investment has caused any diminution in the number of deposits in the Trustee and Post Office Savings Banks respectively, or in the amount of the deposits; how much of the amount invested has been taken in the form of stock certificates to bearer, and whether there have been many applications for stock certificates for smaller amounts than £50, the minimum amount now granted; and, whether any of the figures as to the above mentioned details could be given separately for Great Britian and Ireland?
§ Mr. FAWCETTSir, in reply to the Questions of my hon. Friend, I have to state that the Act for allowing small investments in Government Stocks through the savings banks came into operation on the 22nd of November last, and in less than six months between that date and the 14th of May, the amount so invested through the Trustee Savings Banks was £68,400, and through the Post Office Savings Banks, £455,800. Of this latter amount £177,500 was withdrawn from existing deposits for investment, and £278,300 was specially deposited in the Post Office savings Banks for immediate investment. In spite of this withdrawal, the amount of Post Office Savings Bank deposits has increased since the 22nd of November by no less than £1,010,360, and the number of depositors has increased in the same period by 331,795. Of the amount invested in Government Stocks through the Post Office Savings Banks, £5,850 has been taken in the form of Stock Certificates to bearer, and there have been only one or two applications for Certificates of smaller amount than £50. With regard to the last Question of my hon. Friend, it may perhaps be sufficient if I state that of the aggregate amount of 1455,800 invested in Government Stocks through the Post Office Savings Banks, £394,700 was invested in Great Britain and £61,100 in Ireland. Of the amount invested in Great Britain only £17,100 had been sold, and of the amount invested in Ireland only £2,400 had been sold.