MR. EEMNANTTo ask Mr. Chancellor of the Exchequer whether his attention has been drawn to the fact that for a number of years the total withdrawals have exceeded the deposits in the case of Post Office and Trustee Savings Banks; and if he can explain this fact.
(Answered by Mr. Asquith.) The following Statements show, for the last ten years, the deposits and withdrawals in the case of the Post Office Savings Bank and the Trustee Savings Banks. As regards the Post Office Savings Bank, it will be seen that only in the years 1903 and 1904 have the withdrawals exceeded the deposits, while in the case of the Trustee Savings Banks there has been an excess of withdrawals in each of the last seven years. I am disposed to consider that the withdrawals may in great part be attributed to investments in Government stock, or other securities yielding a better rate of interest than 2½ per cent, for £100 cash. The position, however, is not so unfavourable as the hon. Member's Question seems to suggest, for, if the interest earned by the depositor be taken into account, both funds show a continuous increase over the period, except for the Trustee Savings Banks in the year 1904.
| (1) Post Office Savings Bank. | ||||
| Year. | Deposits. | Withdrawals. | Excess of Deposits +, or Excess of Withdrawals— | Amount due to Depositors at close of Year. |
| £ | £ | £ | £ | |
| 1897 | 35,757,476 | 30,624,595 | +5,132,481 | 115,896,786 |
| 1898 | 37,361,838 | 32,952,829 | +4,409,009 | 123,144,099 |
| 1899 | 39,122,160 | 35,171,475 | +3,950,685 | 130,118,605 |
| 1900 | 40,516,434 | 38,231,372 | +2,285,062 | 135,549,645 |
| 1901 | 41,452,051 | 39,890,043 | +1,562,008 | 140,392,916 |
| 1902 | 42,217,003 | 41,395,800 | +821,203 | 144,605,088 |
| 1903 | 40,857,206 | 42,786,025 | –1,928,819 | 146,135,147 |
| 1904 | 40,612,967 | 41,904,393 | –1,291,426 | 148,339,354 |
| 1905 | 42,300,617 | 42,096,037 | +204,580 | 152,111,140 |
| 1906 (estimated) | 43,981,000 | 43,804,500 | +176,500 | 155,957,000 |
| (2) Trustee Saving Banks. | ||||
| Year. | Deposits. | Withdrawals. | Excess of Deposits+, or Excess of Withdrawals—. | Amount due to Depositors at close of Year. |
| £ | £ | £ | £ | |
| 1897 | 12,015,556 | 11,415,156 | +600,400 | 48,464,797 |
| 1898 | 12,244,176 | 11,917,209 | +326,967 | 49,995,372 |
| 1899 | 12,737,645 | 12,569,951 | +167,694 | 51,404,929 |
| 1900 | 12,247,672 | 13,448,957 | –1,201,285 | 51,455,917 |
| 1901 | 12,489,513 | 13,251,630 | –762,117 | 51,966,386 |
| 1902 | 12,805,185 | 13,559,498 | –754,313 | 52,505,081 |
| 1903 | 12,712,892 | 13,981,749 | –1,268,857 | 52,540,339 |
| 1904 | 12,560,322 | 14,120,730 | –1,560,408 | 52,280,857 |
| 1905 | 13,218,125 | 14,083,437 | –865,312 | 52,723,436 |
| 1906 | 13,408,810 | 14,442,412 | –1,033,602 | 53,009,299 |