§ MR. BOLAND (Kerry, S.)To ask the Secretary of State for the Colonies whether, in view of the fact that no allowance for depreciation in public securities was made in the last financial statement furnished by the Chief Secretary of Malta, and that panic was created, followed by a run on the savings banks, he will state what action he proposes to take in the matter.
(Answered by Mr. Secretary Lyttelton.) The hon. Member is in error in supposing that no allowance was made for depreciation in public securities held by the Malta Government in the account to which he refers. That account contained a statement of reserve funds amounting respectively to £13,207 15s. 1d., and £10,710 5s. 1d., which are intended to cover any such possible losses. The run upon the savings bank, which was met without any difficulty whatever by the Government, was not due to the cause suggested by the hon. Member but to articles in the local Press deliberately calculated to have that effect. I see no reason for taking any action in the matter.