HC Deb 27 February 1896 vol 37 cc1230-1
MR. B. L. COHEN (Islington, E.)

I beg to ask Mr. Chancellor of the Exchequer, whether, in view of the fact that the amount determined by the Treasury to provide against depreciation in the value of the securities to the credit of the Post Office Savings Banks Fund has become each year less in proportion as the price of those securities has risen, he will move for a Committee of this House to consider whether any and what changes are necessary in the regulation by the Treasury of the fund set apart to provide for depreciation in the value of the securities held for account of the Post Office Savings Banks?

THE CHANCELLOR OF THE EXCHEQUER (Sir MICHAEL HICKS BEACH,) Bristol, W.

If I rightly understand my hon. Friend's question, I think the anxiety suggested in it is at least premature. I must remind him that the assets of the Post Office Savings Banks on December 31st last exceeded the liabilities by over 7½ millions, and that the excess is at the present time considerably above that figure. The margin, therefore, represents something like 7½ per cent. Under these circumstances I am not prepared to move for a Committee.

MR. CHOHEN

asked if the excess to which the right hon. Gentleman referred was available in case of necessity for any possible depreciation of Securities?

THE CHANCELLOR OF THE EXCHEQUER

It is the excess of value of the securities.

MR. J. G. WEIR (Ross and Cromarty)

I beg to ask the Secretary to the Treasury, as representing the Postmaster General, if he will state how many accounts in the Post Office Savings Bank show a balance of less than £50, and how many show a balance of £50 and less than £100 on 1st January, 1896?

MR. HANBURY

The returns for the year 1895 are not yet completed; but there were on the 31st December, 1894, 5,570, 759 accounts in the Post Office Savings Bank, showing a balance not exceeding £50, and 323,610 accounts showing a balance of over £50 and not exceeding £100. The hon. Member will notice that the accounts are given as not exceeding £50 and £100 respectively, and not precisely in the terms specified in the Question.