§ MR. J. ROWLANDS (Finsbury, E.)
asked Mr. Chancellor of the Exchequer, What amount is annually paid from the Exchequer to meet the deficiency on the Trustee Savings Banks Interest Account; what will be the approximate increase of this annual deficiency in consequence of the conversion of Stock held by the National Debt Commissioners to meet the charges on the Savings Banks Fund; and, whether the Government feel justified in maintaining the rate of interest allowed to Trustee Savings Banks at 3 per cent?
§ THE CHANCELLOR OF THE EXCHEQUER (Mr. GOSCHEN) (St. George's, Hanover Square)
The amount of the deficiency on the Trustee Savings Banks Interest Account was for the year ended November 30, 1885, £4,774 13s. 1d.; for the year ended November, 30, 1886, £3,740 4s. 7d.; and for the year ended November 30, 1887, £13,746 10s. 8d. The Interest Account of the Savings Banks Fund will not be affected by the conversion of the Debt in the present year, because the rate of interest on the converted Stock is maintained at 3 per cent until April 5, 1889. The question of the rate of interest to be allowed in future to Trustees of Savings Banks and to their depositors is now engaging the attention of Her Majesty's Government; and a measure dealing with the subject will probably be submitted to Parliament in the course of the present Session.