§ MR. STRACHEY (Somersetshire, S.)
I beg to ask Mr. Chancellor of the Exchequer whether the dividends on the War Loan are only payable through a banker; and, if so, whether he would arrange that in the case of holders of small amounts of the War Loan they may receive, if they so desire, their dividends through their savings bank accounts.
§ * THE CHANCELLOR OF THE EXCHEQUER (Sir M. HICKS BEACH,) Bristol, W.
Warrants for dividends on the War Loan are crossed, and, consequently, are only ultimately payable through bankers; but under an arrangement with the Postmaster General, the dividend warrants, like those on other Government stocks, will be accepted and cashed at any post office where the person presenting them is known, and the funds at the disposal of the office permit. With regard to the second part of the question, the hon. Member is no doubt aware that in the case of stock purchased 1106 by Post Office Savings Bank depositors through the medium of their accounts, the dividends are credited to those accounts as they become due. This does not, however, apply to the War Loan, which is not so purchasable; but the holders of War Loan stock, on receiving their dividend warrants, can pay them into their savings bank accounts as cheques.