HC Deb 20 October 1902 vol 113 cc226-7
SIR ALBERT ROLLIT (Islington, S.)

I beg to ask Mr. Chancellor of the Exchequer whether, and, if so, when, it is proposed to take steps to carry out the report and recommendations of the Select Committee on Savings Banks Funds, including certain administrative reforms; audit it is intended to reduce the interest payable to the banks by one-eighth per cent., from what date such reduction is likely to take place, and whether notice will be given to the banks and to the public.

* THE CHANCELLOR OF THE EXCHEQUER (Mr. RITCHIE,) Croydon

I have a Bill prepared to carry out the recommendations of the Select Committee, reducing the interest from 20th May next in the case of the Trustee Banks, and from 1st July next in the case of the Post Office Banks, and I think it will perhaps be advisable to introduce it in the hope that it may pass unopposed. Otherwise it must be re-introduced early next session with a view to passing it by the dates named, in which case the notice to depositors will be much shorter. Further postponement of the reduction in the rate of interest would involve a heavy charge on the taxpayers.

SIR ALBERT ROLLIT

Will the right hon. Gentleman consider the desirability of making the date uniform in the case of each class of banks? It is important there should be notice to depositors.

MR. LOUGH (Islington, W.)

; And, if there is opposition, will the right hon. Gentleman undertake to give reasonable facilities for the consideration of this important matter?

* MR. RITCHIE

I do not think that, with the business at present before the House, we can possibly hope to get through a Bill of tins kind if it has really contentious matter in it.

MR. LOUGH

There will be.

* MR. RITCHIE

But it must be introduced early next session. As to the Question of my hon. friend, the financial year is different in the case of each class of banks, and, in order to make the date uniform, they would have to change their financial year. That would be attended with some difficulty, and I do not want to add anything more to the work we have to do in connection with the matter.