§ 62 and 63. Mr. RICHARD LAMBERTasked the Chancellor of the Exchequer (1) what is the total amount of 15s. 6d. War Savings Certificates sold; and (2) what effect upon the sale of War Savings Certificates has been caused by the provision 36 which permits the holding, free of Income Tax and irrespective of total income, of War Savings Certificates to the amount of £387 10s. per person?
§ Mr. BECK (Vice-Chamberlain of the Household)The total number of War Savings Certificates up to the end of October, 1916, is approximately 44,500,000 £1 certificates. It is, of course, not possible to say to what extent the sales of War Savings Certificates have been increased by their freedom from Income Tax or by purchases made by persons with incomes exceeding £300 per annum. The following figures may, however, be of interest: From 22nd February, 1916, when the issue began, to 10th June, 1916, when the income limit was removed, the total sales were approximately 4,275,000 £1 certificates (denominations of £1, £12, and £25). From that date to 31st October inclusive, the total sales were approximately 40,225,000. Of this latter total there were sold in denominations of £500, 15,224,500 £1 certificates; in denominations of from £26 to £409, 9,771,000 £1 certificates; in denominations of from £1 to £25, 15,229,500 £1 certificates.
§ Mr. ARNOLDWill the hon. Member say what effect this has had on the Savings Bank?
§ Mr. BECKI would refer my hon. Friend to an answer given to the hon. Member for the Camlachie Division of Glasgow (Mr. Mackinder) on 22nd August, 1916, but the result is something like this: Whereas in 1913, from January to September, the deposits in the Savings Bank went down by £472,000, in the same period of this year they have gone up by £5,500,000.