§ Mr. CECIL HARMSWORTHasked the Postmaster-General whether he is in a position to furnish a Return showing approximately what is the extent to which the Post Office scheme of small investments in Government stock through the Post Office is taken advantage of by the public?
§ Mr. HERBERT SAMUELSuch a Return is published every year in Appendix J to the Annual Report on my Department. The latest figures available will be found on Page 72 of my last Annual Report. They show that the estimated number of stockholders on 31st December, 1910, was 150,600, and the stock to their credit was £23,151,868.
§ Mr. CECIL HARMSWORTHasked the Postaster-General whether, with a view to popularising the Post Office scheme of small investment in Government securities, he will consider the advisability of graduating the commission or brokerage charges on investments of less than £25 in value; and whether, with the same object in view, he will extend the facilities for such investment to persons other than those who are Post Office Savings Bank depositors?
§ Mr. HERBERT SAMUELThe commission on the purchase or sale of Government stock up to £25 is only 9d. This fee is already unremunerative; and there is no justification for the adoption of any lower minimum rate. One of the chief advantages of the present system to the small investor is that the dividends on his stock are automatically placed to his credit in his savings bank account, while in the absence of such an account the transmission of minute sums as interest would be expensive and inconvenient. I do not think it would be advisable to abolish the present condition that purchasers of stock through the Post Office Savings Bank must be depositors in the bank. The opening of an account is simple and costs nothing.