§ 54. Mr. Osborneasked the Chancellor of the Exchequer what were the deposits and withdrawals of small savings for the first three months of 1946 and for the second three months of 1946, respectively.
§ Mr. DaltonI gave the figures for January to May in my replies of zest May to the hon. Member for Newark (Mr. S. Shephard), and of 4th July to the hon. Member for Hornsey (Mr. Gammans). I am circulating provisional figures for June in the OFFICIAL REPORT.
§ Mr. OsborneIn view of the great withdrawals from small savings, will the Chancellor assure the working men of this country that, if there is a flight from the Savings Certificate, we are bound to have really serious inflation?
§ Viscount HinchingbrookeIn view of the fact that the weekly rate of small savings is running at something like two-thirds of the amount required to produce the sums mentioned by the Chancellor in his Budget, does the Chancellor think there is a continuing and widespread desire to invest in Socialism?
§ Mr. DaltonAll patriotic citizens do desire to assist His Majesty's Government. I believe that the minority in the long run will be insignificant in its influence.
§ Sir Waldron SmithersIs the Chancellor aware that it is not patriotic to support this Government?
§ Following are the figures.
| SMALL SAVINGS—JUNE, 1946 | ||
| (Provisional Figures.) | ||
| £000 | ||
| SAVINGS CERTIFICATES | ||
| Purchases | … | 9,900 |
| Estimate of Interest accrued | … | 4,500 |
| Repayments principal | … | 11,200 |
| Repayments interest | … | 1,800 |
| DEFENCE BONDS… | ||
| Purchases | … | 7,300 |
| Repayments | … | 2,600 |
| POST OFFICE SAVINGS BANK | ||
| Deposits | … | 32,500 |
| Estimate of Interest accrued | … | 3,700 |
| Withdrawals | … | 26,900 |
| TRUSTEE SAVINGS BANKS | ||
| Deposits | … | 18,000 |
| Estimate of Interest accrued | … | 1,300 |
| Withdrawals | … | 14,200 |
§ NOTES.
§ 1.Services Release Benefits Accounts.
§ The figures for the Post Office Savings Bank exclude Services Release Benefits Accounts. In June sums amounting to approximately £17 millions were credited to, and £20 millions withdrawn from, these accounts.
§ 2.Estimate of Accrued Interest.
§ As regards Savings Certificates, the figures represent the increase in the month in the estimated amount of the interest due on Savings Certificates remaining invested. As regards the Post Office and Trustee Savings Banks, the figures represent the estimated interest due on the outstanding balance at the end of each month—interest on the balance in Services Release Benefits Accounts being deducted
§ 59. Colonel Crosthwaite-Eyreasked the Chancellor of the Exchequer what action is contemplated by His Majesty's 232 Government to offset the present tendencies for net small savings to decrease.
§ Mr. DaltonMany people are now taking well-earned holidays, and are replenishing their essential household equipment which has been worn out during the war. But I am relying on the National Savings Movement to continue to educate public opinion on the need for sustained saving and wise spending, in the interest both of the individual and the community.