HC Deb 23 July 1897 vol 51 cc895-6
MR. G. C. T. BARTLEY (Islington, N.)

I beg to ask the Chancellor of the Exchequer, in view of the fact that Consols, which are being purchased at a premium of about 12 per cent. for the Post Office Savings Banks, are under Sec. 2 of 51 Vic., c. 2 (the National Debt Conversion Act, 1888), redeemable at par in 1993, whether any arrangement is being made or is in contemplation to create a sinking fund to meet the large sum that will then be needed to balance the account?


The capital accounts of the Post Office Savings Banks and the Trustee Savings Banks taken together are in such a strong condition that I do not think it necessary for the present to take any such precautions as the hon. Member indicates. Even if Consols fell to par there would be a surplus of more than one and a quarter million on capital account.