HC Deb 25 April 1932 vol 265 cc25-6
42. Sir W. DAVISON

asked the Postmaster-General whether he is aware that National Savings Certificates held by nominees of the Addison Gardens Committee, Kensington, for upwards of nine years, and about to mature for payment, have been forfeited, or partially forfeited, on the ground that an association of individuals was interested therein; whether any other cases of forfeiture on similar grounds have occurred; and whether he will see that greater publicity is given to the Statutory Rules and Orders under which the Post Office have taken action in the case referred to, so that the public may have notice of the risks they incur in the event of a joint purchase of National Savings Certificates?

Sir K. WOOD

I am aware that difficulties have arisen in the case referred to by my hon. Friend owing to the fact that the investment was apparently made on behalf of two individuals for their own benefit, whereas in reality it was made on behalf of a society which had not obtained the necessary authority. When this is done the Post Office is unable to distinguish between holdings of Certificates by individuals which are legal and those on behalf of societies which are not. In many cases Certificates have been issued which, if the society's interest had been disclosed, would not have been permitted. In the case in question the purchase price of the Certificates was repaid with interest at the Post Office Savings Bank rate. The conditions referred to are fully set out in the Post Office Guide and in leaflets issued by the National Savings Committee. A few cases similar to the one in question have occurred from time to time.

Sir W. DAVISON

. Is the right hon. Gentleman aware that without a hearing, which was refused, this committee was fined £30 under certain rules, a copy of which cannot be obtained at the Post Office?

Sir K. WOOD

. I am sorry if that should have been necessary. If my hon. Friend has any further facts to put before me, I shall be glad to consider them.

Sir W. DAVISON

Will the right hon. Gentleman hear the committee and let them put their case before him, as they have a very great sense of grievance? It is on behalf of this open space that they invested the money.

Sir K. WOOD

I should first be glad to see my hon. Friend on the matter.