HC Deb 14 October 1941 vol 374 cc1245-6
55. Mr. Craven-Ellis

asked the Chancellor of the Exchequer whether he will explain the reduction by 16 per cent. in the volume of small savings during June, July and August, 1941, compared with the same months of 1940, in view of the fact that the aggregate of earnings had steadily increased during the year; and whether he will take adequate measures to provide that a satisfactory proportion of the increased earnings shall be placed at the service of the State?

Sir K. Wood

The reduction, which my hon. Friend over-estimates, was mainly due to the fact that the 1940 figure was swollen by the results of a very successful National Savings Week held throughout the country and by re-investment of redemption moneys for the 4½ per cent. Conversion Loan. Small savings in August and September this year exceeded those of the corresponding months of 1940 by 24 per cent. The maximum volume of savings remains necessary, and every effort must be made to this end.

Mr. Craven-Ellis

Will my right hon. Friend make it clear in his reply in the OFFICIAL REPORT to what investments he is referring? The figures which I have given to him are correct, and if I were permitted to do so, I could (mote from them in the House now.