HC Deb 31 October 1911 vol 30 cc702-3
Mr. BOTTOMLEY

asked the Postmaster-General who is responsible for the statement in his circular recently issued to Post Office Savings Bank depositors to the effect that the State is not responsible if there is a fall in the price of Consols; and whether he personally accepts responsibility for it?

The POSTMASTER-GENERAL (Mr. Herbert Samuel)

I accept full responsibility for the circular on Small Investments in Government Stock through the Post Office Savings Bank and for the statements it contains, including that quoted by the hon. Member.

Mr. BOTTOMLEY

In that case can the right hon. Gentleman give me any idea who is responsible for the fluctuations in the price of Consols?

Mr. HERBERT SAMUEL

That is a matter of argument hardly proper to question and answer.

Mr. BOTTOMLEY

Will the right hon. Gentleman consider the propriety of introducing legislation to prohibit gambling transactions in Consols, as was the case with Bank of England stock?

Mr. HERBERT SAMUEL

I observe the hon. Member's objection to all forms of gambling, but I am not sure that legislation is possible.

Mr. BOTTOMLEY

I thank the right hon. Gentleman for his testimonial. I wish to ask whether he can state the approximate number of dormant accounts in the Post Office Savings Bank and the approximate total of unclaimed balances upon such accounts?

Mr. HERBERT SAMUEL

These figures, are given on page 12 of my report to the Treasury for 1910–11, in respect of accounts under £1 for the 31st of December last. They are 3,460,387, and £372,091 respectively. No figures are available for larger accounts.

Mr. BOTTOMLEY

Will the right hon. Gentleman consider the propriety of advertising the names of these people to whom the money is due? Is this not a case of obtaining money by fraud?

Mr. HERBERT SAMUEL

The money is there awaiting payment. As the average value of these accounts is only 2s. 2d. each, I am not sure it is worth while advertising the names of 3,460,000 persons.

Mr. BOTTOMLEY

Will the right hon. Gentleman accept my offer to advertise them free of charge in the most widely circulated publication?