§ MR. CHIOZZA MONEY (Paddington, N.)To ask the Secretary to the Treasury, with reference to the Return of the nature and amount of the securities held by the National Debt Commissioners to meet the liabilities of the Post Office Savings Bank, if he will state the actual cost and the present market value of the securities.
(Answered by Mr. McKenna.) The Return referred to by the hon. Member is prepared in accordance with the requirements of Section 9 (2) of the Savings Banks Act, 1904, and purposely excludes a valuation of the securities held in respect of the Post Office Savings Bank which was held by the Select Committee of 1902 to be misleading. To state the actual cost and present market value of the securities would therefore tend to defeat the intention of the statute in question.
§ MR. CHIOZZA MONEYTo ask the Secretary to the Treasury, with reference to Section 6 of the Savings Bank Act, 1861, whether the funds in the possession of the National Debt Commissioners, being the sums invested by them in trustee securities under that Act, are at the present time sufficient to meet the lawful claims of the depositors; if not, what is the amount of the deficiency; and, if a deficiency exists, whether, in accordance with the Act referred to, it will be certified to Parliament.
(Answered by Mr. McKenna.) The Post Office Savings Banks Fund does suffice, and always has sufficed, to meet the actual claims of the depositors. In the event of any deficiency having to be made good by an issue out of the Consolidated Fund, the amount of such 684 deficiency would be duly certified to Parliament as the Act requires.