§ MR. G. C. T. BARTLEY (Islington, N.)I beg to ask Mr. Chancellor of the Exchequer, (1) whether the excess of interest accruing to the Post Office Savings Bank for the year ending 31st December, 1894, over and above the interest paid to depositors and expenses of management, was on £89,000,000 of deposits £3,836 10s. 3d.; (2) whether some £10,000,000 more deposits have been received since that date; at what rate Consols have been purchased with this amount; and (3) whether the £3,836 10s. 3d. margin has covered the extra cost; and, if not, from what source the extra cost will be met?
§ THE CHANCELLOR OF THE EXCHEQUERsaid, the reply to the first point in the question was in the affirmative. As to the second point, he had to state that the amount due to depositors (including interest undrawn) increased in the year 1895 by about £9,000,000. With respect to the third paragraph, the answer was that the average price of Consols during 1895 was about 106; and, as to the last point, the margin of £3,836 was, under statute, paid over to the Exchequer. Owing to some decrease in administrative charges, and to investments in other Government securities than Consols, the year 1895 showed a much larger margin.
§ MR. J. G. WEIRI beg to ask the Secretary to the Treasury, as representing the Postmaster General, whether, in view of the fact that the Post Office Savings Bank was established for the encouragement of thrift among the masses, he will give the House some assurance that the rate of interest shall not be reduced, at all events, so far as accounts showing a balance of less than one hundred pounds are concerned?
§ MR. HANBURYAs my right hon. Friend the Chancellor of the Exchequer stated, in reply to the hon. Member for 710 North Islington on the 17th instant, the whole question of the rate of interest on Savings Bank Accounts must remain in suspense till the Report of the Departmental Committee has been received.