§ MR. G. C. T. BARTLEY (Islington, N.)I beg to ask the Chancellor of the 896 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 CHANCELLOR OF THE EXCHEQUERThe 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.