§ MR. HORACE PLUNKETT (Dublin Co., S.)I beg to ask the Postmaster General whether any depositor in a Post Office Savings Bank can purchase Government Stock at the current price in connection with his savings bank account; whether as small a sum as 1s. may be thus invested; whether the commission 962 charged on sums not exceeding 10s. varies from 7½ to 75 per cent.; and whether, in view of the advisability of encouraging such investments by the poor, he will consider the propriety of doing the business of small investors for a lower commission?
§ MR. A. MORLEYThe answers to the first three paragraphs are in the affirmative. The charge for investment, including receipt of dividends and payment to the accounts of depositors in the savings bank, is 9d. for any amount of Stock not exceeding £25. As the rate of interest on Stock is only very slightly higher than the rate of interest on ordinary savings bank deposits, I see no advantage in encouraging depositors to make purchases of a few shillings worth of Stock instead of making ordinary deposits in the savings bank, for which no charge is made. I understand that brokers make a minimum charge of 2s. 6d. on any transaction of the kind.
§ MR. BARTLEY (Islington, N.)Was not the object of this arrangement to encourage holders of small sums to become investors in Government Stock; and will not the right hon. Gentleman do away with every restriction calculated to prevent persons from investing in the funds of the country, as they do in France for instance?
§ MR. A. MORLEYI am in favour of doing away with every restriction that I possibly can.