§ MR. BRAMSDON (Portsmouth)I beg to ask the Postmaster-General, whether, considering the convenience it would be to depositors in the Post Office Savings Bank who receive remittances by cheques or postal or post office orders for odd amounts which they wish to deposit, and also in the accurate keeping of small accounts, and also seeing that there is already a pence column in the Savings Bank books, he can see his way clear to make arrangements whereby such depositors may pay fractions of a shilling into the Bank, provided that no deposit shall be received at any one time of less than a shilling nor any interest paid on such fractions for the time being.
§ THE POSTMASTER-GENERAL (MR. SYDNEY BUXTON,) Tower Hamlets, PoplarThe refusal of the Post Office Savings Bank to take fractions of a shilling on deposit is based on the provisions of the Post Office Savings Bank Act of 1861; and no change could therefore be made without legislation. The hon. Member is no doubt aware that cheques, postal orders or money orders for odd amounts are received for deposit if the amounts are made up to complete shillings. The abolition of the rule forbidding the acceptance by the savings banks of odd pence over and above the minimum deposit of one shilling would enormously increase the cost of administration. As the hon. Member is aware penny stamps can be affixed to a form in order to make up a deposit of one shilling.