§ 40. Mr. Dayasked the Postmaster-General the total number of depositors in the Post Office Savings Bank as at the last convenient date; the total amount of their deposits with accrued interest on that date, and the number of depositors who have taken advantage of the new regulation allowing the sum of £500 to be deposited in any one year; and will be consider introducing legislation, or making regulations, in order that depositors can deposit more than that amount yearly should they so desire?
§ Sir W. WomersleyThe number of depositors in the Post Office Savings Bank on 31st January, 1939, was 11,300,000, and the total amount of their deposits with accrued interest on that date was £515,475,000. There is no record of the number of depositors who have taken advantage of the regulation, introduced in 1923, which permits sums amounting to £500 to be accepted for deposit in any year ending 31st December. As regards the last part of the question, I would refer the hon. Member to the reply given by the Financial Secretary to the Treasury to my hon. and gallant Friend the Member for Lewes (Rear-Admiral Beamish) on 19th December last.
§ Mr. DayAre we to understand that there is no hope of the small depositors being able to increase the amount?
§ Sir W. WomersleyThe answer given by the Financial Secretary to the Treasury 1742 was that the limitation was laid down by Treasury Order in 1923, and that the Treasury were not prepared to agree to any increase in the limit.