HC Deb 23 January 1918 vol 101 cc983-4
60. Mr. PETO

asked the Chancellor of the Exchequer whether his attention has been called to the passage in the Select Committee's Report on Premium Bonds, which states that the Committee were satisfied that, so far as the general public and the small investor are concerned, the present Government issues fail to enlist all the financial support that might. be obtained, and to the estimate in the Report that. £100,000,000 a year new money may be expected from sources at present untouched; whether, in view of the fact that in so far as the Report is adverse to the immediate issue of premium bonds, the decision is based on the consideration that legislation to sanction it would be difficult to obtain; and whether it is the intention of the Government, to overcome this diffi- culty and introduce the necessary legislation or in what way is it intended to render available money which is not now forthcoming for Government securities?

Mr. BONAR LAW

I would refer my hon. Friend to the reply which I gave yesterday to the hon. Member for North Somerset.

Mr. PETO

Will the right hon. Gentleman answer the last part of my question—in what way is it intended to render available money riot now forthcoming for Government securities. since they have turned down Premium Bonds?

Mr. BONAR LAW

I am using all the ingenuity of which I can make use, in order to find the best methods, and I think with considerable success.

Mr. PETO

Does the Chancellor of the Exchequer think that the methods of ingenuity he is using are more likely to be successful than the issue of Premium Bonds?

Mr. BONAR LAW

That is a different question. As I told the House, I had a perfectly open mind, and for that reason a Select Committee was appointed, and it has come to quite definite recommendations. The Government are not prepared to reopen the subject.

Mr. FABER

Will the Government conform their view to that expressed by the Committee, namely, that it is not advisable at present?

Mr. BONAR LAW

I do not think that would be a wise course for the Government. to take. I think the question ought to be settled in so far as you can look ahead one way or another.

Sir J. SPEAR

Will the right hon. Gentleman consider the advisability of increasing the interest on Post Office Savings Bank deposits?

Mr. SPEAKER

The lion. Member must put that question down.