§ Mr. PATRICK WHITEasked what is the total amount of money deposited in the Post Office Savings Bank in Ireland; what rate of interest is paid thereon; and what annual profit, if any, the Post Office would realise by investing the amount in Irish Guaranteed Land Stock if acquired at the average price of the three last flotations?
§ Mr. HOBHOUSEThe aggregate deposits in Post Office Savings Banks in Ireland on the 31st December last was £10,836,460, and the actual interest credited to Irish depositors works out on an average at £2 8s. 8d. per cent. To this latter figure 1371 must be added the cost of management, which has not been calculated for Ireland separately, but may be taken at the rate ascertained for the United Kingdom, as a whole, namely, 8s. 5½d. per cent. The average price at which the last three public issues of Guaranteed 2¾ per cent. Stock were made is £89 0s. 11d. This gives a yield in interest of £3 1s. 9d. In order to invest the Irish Savings Banks deposits in Guaranteed 2¾ per cent. Stock it would be necessary to realise the investments at present held against them. As these form a portion of the general investments held on account of the Post Office Savings Bank Fund not specially earmarked to particular deposits, it is quite impossible to say what sum would be obtained from such realisation or what advantage (if any) would accrue to the Income Account of the fund as a result of the operation suggested in the question.
§ Mr. PATRICK WHITEIs the Guaranteed Land Stock an Irish investment?
§ Mr. HOBHOUSEI am afraid I do not quite follow that. Of course, on any savings bank deposit money arising from deposits made in Ireland can be invested in this stock.