HC Deb 22 October 1946 vol 427 cc1476-7
54. Sir Waldron Smithers

asked the Chancellor of the Exchequer if he will state, taking into account contributions and withdrawals, how the target of £520,000,000, from war savings is progressing.

The Chancellor of the Exchequer (Mr. Dalton)

Since the answer contains a number of figures, I will, with permission, circulate a statement in the OFFICIAL REPORT.

Sir W. Smithers

Would the Chancellor of the Exchequer say now whether withdrawals exceed contributions, or vice versa?

Mr. Dalton

The short answer is that withdrawals do not exceed contributions, but the details are all given in the statement and I think the hon. Gentleman will find it very interesting if he will read it.

Mr. George Wallace

Is my right hon. Friend aware that there is an unfortunate tendency in some areas to allow political bias to interfere with the National Savings movement?

Sir P. Hannon

Is the Chancellor satisfied with the progress now being made by the local savings committees and with the splendid effort made by many localities to bridge the gap?

Mr. Dalton

I welcome the very fine efforts which are being made in the country as a whole, and although there are black patches, the results are extremely satisfactory and I count on the patriotic assistance of hon. Members in all parts of the House to keep them going.

Following in the statement:

The National Savings target of £520 million for the financial year 1946 consists of gross purchases of Savings Certificates and Defence Bonds and the not increase in the balances standing to the credit of depositors in the Post Office Savings Bank and the Trustee Savings Banks. The total so raised in the first six months of the financial year was £268,575,000, a weekly average of £10,329,800.

The amounts raised in subsequent weeks to date have been as follow:"

Week ended 12th October, £11,825,000.

Week ended 19th October, £11,951,000.

The following statement shows the amounts of purchases and withdrawals of each class of small savings, with estimates of interest accrued, for the first six months of the financial year:

Aggregates for the six months.
Savings Certificates.
Purchases 68,300
Estimate of Interest accrued 26,600
Repayments of principal 70,050
Repayments of interest 10,996
Defence Bonds.
Purchases 126,748
Repayments 17,403
Post Office Savings Bank.
Deposits 237,051
Estimate of Interest accrued 21,580
Withdrawals 214,964
Trustee Savings Banks.
Deposits 121,610
Estimate of Interest accrued 7,520
Withdrawals 100,081


1. Services Release Benefits Accounts. The figures for the Post Office Savings Bank exclude Services Release Benefits Accounts. In the period April to September, 1946, sums amounting to approximately £106 millions were credited to, and £108 millions withdrawn from, these accounts.

2. Estimates of Accrued Interest. As regards Savings Certificates, the figures represent the increases during the period 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 balances, at the end of period—interest on the balances in Services Release Benefits Accounts being deducted.