HC Deb 11 June 1907 vol 175 cc1230-1
MR. BARNES (Glasgow, Blackfriars)

I beg to ask MR. Chancellor of the Exchequer if he has yet had time to consider the question of the limit of deposits of trade unions in the Post Office Savings Bank; and, if so, will ho make a statement on the matter.


I am advised that there is no legal obstacle to allowing trade unions the benefit of the Savings Banks (Charitable Societies) Act, 1809, which enables provident institutions and societies to invest their funds in the savings banks without restriction as to amount, with the approval of the National Debt Commissioners and subject to such regulations as they may prescribe. In view of the financial considerations involved, the National Debt Commissioners would hesitate to sanction the deposit of the whole of the large funds in the possession of trade unions. I understand, however, that it is not urged by the unions themselves that this should be permitted; their views would be met by the acceptance of deposits within the extended limits of £250 in any one year and £1,000 in the aggregate. I have under consideration the issue of regulalations by the Commissioners to permit of the acceptance of deposits under such conditions. It would of course be understood that the right to exact ten days' notice of withdrawals, which exists as regards all deposits in the Post Office Savings Banks under Section 3 of the Post Office Savings Banks Act, 1861, might have to be specially enforced in regard to withdrawals by trade unions.


Do these regulations and limits refer to each branch of a trade union, or to the union as a whole?


To each branch separately.