§ MR. MYERI beg to ask Mr. Chancellor of the Exchequer whether, in view of the fact that the Government has in the past not only advised the purchase, but has actually acted as the agent in the investment of money for depositors in the Post Office Savings Bank in
†See (4) Debates, Clxxvi., 882.355 Consols at prices above the present market value, he is prepared to redeem such purchases at par, so that these poor persons may not suffer loss.
§ MR. ASQUITHFacilities have been given for many years for the purchase of Government stock through the Post Office Savings Bank, but the Government has never taken the responsibility of advising such purchase. The terms upon which the bank has acted as agent for depositors in this matter have never been open to doubt, and there has been no guarantee—explicit or implied— against a depreciation in the market value of the stock so purchased. I can see no sufficient reason for giving preferential treatment to this particular class of holders of public securities at the expense of the general tax-payer.
§ MR. MYERWill the right hon. Gentleman consider the advisability of changing the system so that these poor persons may not suffer loss?
§ MR. ASQUITHNo, Sir. I do not see how that can be done.