75. Mr. PERCY HARRISasked the Chancellor of the Exchequer whether he 230 proposes to adopt the recommendations of the Committee on War Loans for Small Investors; and whether he will consider the desirability of placing Exchequer bonds within the reach of a larger number of small investors by issuing them at lower denominations than £5?
§ The CHANCELLOR Of the EXCHEQUER (Mr. McKenna)As already announced the recommendations of the Committee to which the hon. Member refers have been accepted, and in accordance therewith two executive Committees, namely, the National Organising Committee for War Savings and the Central War Savings Advisory Committee, have been appointed and are at work. In reply to the second part of the question the proposal to issue Exchequer Bonds of smaller denominations than £5 has been very care fully considered, but has been found not to be practicable. I hope that the 15s. 6d. War Savings Certificates, which entitle the purchaser to the return of £1 five years hence, with certain powers of withdrawal in the interval, will serve as an alternative to small Bonds for investors who cannot afford £5 Bonds. These War Savings Certificates will be on sale on Saturday of this week, 19th February.