§ 46. Mr. Leslie Boyceasked the Chancellor of the Exchequer whether he will draw public attention to the fact that if firms and private persons would carry a proportion of their current bank balance in the Post Office Savings Bank, without interest, a large sum, free of interest, would be available to the Government without cost and with little inconvenience to the lenders?
§ Sir K. WoodI am indebted to my hon. Friend for his suggestion, but I do not think that it would be desirable to encourage the transfer to the Post Office Savings Bank of sums held on bank accounts to meet current requirements. I expressed the hope, in the appeal which I recently made, that so far as possible loans free of interest should be made direct to the Treasury for the period of the war and three months thereafter. I also indicated that the Post Office Savings Bank was available for the making of deposits without interest, particularly for smaller amounts.
§ Mr. SimmondsWith regard to loans direct to the Treasury, can they be made for a short period and then transferred to the Commissioners of Inland Revenue in payment of taxes?
§ Sir K. WoodI should like to see that Question on the Paper, but I. understand that is so.
§ Mr. BoyceIf that be so, why did the Financial Secretary give me an answer in a contrary sense on the Second Reading of the last Finance Bill?
§ Sir K. WoodI cannot recall that answer; but I will have inquiries made, as I think there may be a misunderstanding.