§ DR. MACNAMARAI beg to ask Mr. Chancellor of the Exchequer whether he 572 will state what is the deficiency in the income account of the Post Office Savings Bank for the year ended December 31st, 1904; whether, having regard to the view expressed by himself to the House on March 15th, 1904, that for several years to come there will be a deficiency in the income account and the view that the taxpayer should not constantly be required to make good a deficiency in the income account, he proposes to submit measures to make the Post Office Savings Bank self-supporting; and, if so, will he state the nature of those measures.
§ MR. AUSTEN CHAMBERLAINThe deficiency in the income account for the year ended December 31st, 1904, is estimated to be £113,785. I presume that the last part of the Question is intended to suggest legislation for the purpose of reducing the rate of interest allowed to depositors. If so, the hon. Member will find my reasons for not taking that course fully stated in my speech in March † last.
MR. GIBSON BOWLES (Lynn Regis)Is the right hon. Gentleman aware that if all the depositors in the Savings Bank came for their money the bank would be unable to pay them without making a call on the taxpayers?
§ MR. AUSTEN CHAMBERLAINThat has absolutely no reference to the Question on the Paper.
MR. GIBSON BOWLESYes, but the question is what steps will be taken to make the bank self-supporting?
§ MR. AUSTEN CHAMBERLAINThat refers to the income account and not to the capital account of the bank.