HC Deb 09 October 1945 vol 414 cc28-9
68. Mr. Norman Smith

asked the Chancellor of the Exchequer whether he is aware that clearing bank deposits rose by £415,000,000 in the period April-August of this year compared with only £173,000,000 in the corresponding period of last year, notwithstanding a decline in the current deficit for the period from £1,397,000,000 to £1,172,000,000; and, in view of the risk of inflation, will he try to reduce the proportion of the deficit covered by the creation of additional bank deposits.

Mr. Dalton

Yes, Sir. But the figures up to the end of August this year were affected by the postponement of the Thanksgiving Weeks owing to the General Election. Those up to the end of September make a better showing. The best safeguard against the risk of inflation is large and continuous saving by the general public.

Mr. Gallacher

Could the right hon. Gentleman tell us what effect the hon. Member opposite had on Thanksgiving Week?

Mr. Dalton

I am glad to say that there was an increased contribution from his constituency.