HC Deb 11 June 1907 vol 175 cc1231-2

I beg to ask MR. Chancellor of the Exchequer if he is aware that when the books of the depositors in the Post Office Savings Bank are returned after the annual inspection a notice or leaflet is generally put in them recommending the purchase of Consols by the depositor, that this advice is frequently acted upon, and that dissatisfaction is now being expressed by those who now have to realise at a loss; and whether he will consider the advisability of discontinuing the practice until Consols are a less fluctuating security.


The assumption that, when deposit books are returned after the annual examination, a notice or leaflet is enclosed recommending the purchase of Consols by the depositor is incorrect. Occasionally, a depositor, in forwarding his book for examination, makes some inquiry as to the facilities afforded for investment in Government Stock, and a printed notice explaining the arrangements is then sent to him with his book. This notice, so far from making any recommendation, expressly states that the Postmaster-General cannot undertake to advise depositors as to their transactions and that he cannot, of course, be held responsible for any losses which may be sustained by them if there should be a fall in the price of stock between the dates of purchase and sale.

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