§ Major GASTRELLasked what was the amount of loss during the last ten years by the depreciation of Consols held by the Post Office Savings Bank?
§ Mr. HOBHOUSEDuring the ten years ended 31st March last the Consols holding of the Post Office Savings Banks Fund was reduced by £3,286,000. The average cost price of the Consols held on 31st March, 1901, was £103 19s. 5d., and the gross loss arising from depreciation may be put at £354,766. As, however, the realisations were in most cases effected with a view to reinvestment of the proceeds in other more remunerative securities, this does not indicate that the fund as a whole has actually suffered to this extent. This calculation, of course, leaves out of account any loss which might be incurred in the event of its becoming necessary to realise further Consols below the prices at which they were purchased.