§ MR. VIVIAN (Birkenhead)I beg to ask the Chancellor of the Exchequer whether he has considered altering the 1645 investments of the Post Office Savings Bank, now in Consols, into Irish land stock while prices are about the same for both, with a view to increasing the income of the Post Office Savings Bank, and putting them on a more solvent basis.
§ MR. T. L. CORBETTasked whether the right hon. Gentleman would delay the consideration of this suggested treatment of Irish land stock until the Irish Government measure was introduced.
§ MR. ASQUITHThe Answer to that is in the negative. At the 31st March, 1906, the Post Office Savings Bank Fund held £2,321,000 guaranteed 2¾ per cent. stock out of a total amount of such stock then created of £13,197,000. At the same date, the Fund held £60,617,092 Consols. So that the substitution which my hon. friend suggests would be only practicable (if at all) within rather narrow limits. Quite apart from this, however, there are many reasons which would make this Trustees of the Fund hesitate to embark upon such an operation—particularly under present conditions.
§ * MR. CHIOZZA MONEYMay I ask the right hon. Gentleman whether, in consideration of the very great success which has attended the Belgian Government in applying Post Office savings to the erection of houses for the working classes, he can see his way to introduce legislation with a like object here?
§ MR. ASQUITHI am not sure that that arises out of the Question. At any rate, I should like to have notice of the Question.