HC Deb 08 October 1940 vol 365 c234
66. Mr. Craven-Ellis

asked the Chancellor of the Exchequer what is the total expenditure of the National Savings campaign for administration and publicity for the 12 months ended 7th September, 1940; and whether, in view of the falling off in the sale of National Savings Certificates and War Bonds, a more intensive publicity campaign is contemplated.

The Chancellor of the Exchequer (Sir Kingsley Wood)

The total expenditure by the Exchequer on the encouragement of savings for the year ending 31st August, 1940, has been approximately £600,000. The effectiveness of the War Savings Campaign is kept constantly under review, and those responsible for its conduct are fully alive to the need of using all means of publicity to stimulate the maximum amount of savings. In this connection I would draw my hon Friend's attention to the War Weapons Weeks which are at present being held, with such good results, in cities and towns throughout the country.

Mr. Davidson

What effect has this campaign had on the Directors of the Bank of England?

Sir K. Wood

That is another question.

67. Mr. Craven - Ellis

asked the Chancellor of the Exchequer whether, in view of the falling-off in the sale of National Savings Certificates and War Bonds, he contemplates a compulsory savings scheme to assist in filling the widening gap between revenue and expenditure?

Sir K. Wood

No, Sir. My hon. Friend has no doubt noted the recent improvement in National Savings. In making comparisons with earlier periods, account must be taken of the fact that subscriptions to the loans on offer now consist practically entirely of new savings, and are not helped by transfers from other investments. I must again, however, emphasise the vital necessity of further savings by all sections of the community.