§ Mr. JONATHAN SAMUEL
(by Private Notice) asked the Chancellor of the Exchequer whether the War Savings Certificates defer payment for five years or whether the interest becomes payable from the end of one year?
§ Mr. BONAR LAW
The facts are as follows: It is true that the 15s. 6d. does not become £1 till the end of five years, but after one year the certificate is cashable at 15s. 9d., and it increases in value by a penny each month thereafter. Thus, after two years it can be cashed for 16s. 9d., after three years for 17s. 9d., and after four years for 18s. 9d., and so on. The holder of a certificate can realise it at any time during its currency.