§ MR. HOWELLI beg to ask the Chancellor of the Exchequer whether he is aware that an application made by a branch of the Steam Engine Makers' Society, at New Brompton, to deposit the funds of the branch in the Post Office Savings Bank, was met by the reply on the part of the Commissioners for the Reduction of the 355 National Debt that the branch could not deposit its funds without limit, on the grounds "that, in their opinion, your society does not come within the class of cases contemplated by the Statute"; whether he is aware that it has been the practice of the society named for a great number of years to deposit in the Post Office Savings Bank the funds of all their branches, and that by some 70 to 80 branches the funds are so deposited at this time without any question; whether he can inform the House upon what grounds an exception is made as regards this particular branch; and whether it is the intention of the National Debt Commissioners to withdraw the privilege so long enjoyed by Trade Unions of the United Kingdom of depositing their funds in the Post Office Savings Banks, or of so limiting the amount as to render the privilege of but little benefit to such societies?
§ MR. GOSCHENThe facts stated by the hon. Member in the first two paragraphs of the question are substantially correct. There is considerable difficulty in deciding whether Trade Societies are "provident or charitable institutions" within the meaning of the clause which allows deposit of funds without limit in the case of such institutions. I am responsible, as head of the National Debt Commission, for the decision under which the branch in question was excluded; but I admit that it is on the border line, and, in view of the fact that many other branches of the same society had been granted the privilege before my attention was called to the matter, I am prepared to grant it to this branch also. With regard to the general question, the National Debt Commissioners are bound to carry out the intentions of the Legislature, and to discriminate between institutions which are "provident or charitable" and other institutions. But so long as the amount of the funds deposited by Trade Societies does not exceed reasonable limits, I am prepared not to press the strictest interpretation of the law against them.