§ 52. Mr. Osborneasked the Chancellor of the Exchequer how much of the £520,000,000 new money in the form of small savings, which the Budget estimates for the current year anticipated, have so far been realised.
§ Mr. Dalton£429 million up to 25th January.
§ Mr. OsborneDoes that make any allowance for withdrawals, in view of the fact that only the net figure can help in regard to the Budget estimates? If it does not include the net withdrawals, can the Chancellor of the Exchequer give the amount, and consequently the net amount of savings from the small savers?
§ Mr. DaltonThe information has been repeatedly given to the House, and as a rule to the hon. Member for Orpington (Sir W. Smithers).
§ 55. Sir W. Smithersasked the Chancellor of the Exchequer whether the £520,000,000 target for the year of small savings is net or gross; and if he will state the net result for the current financial year to the latest available date.
§ Mr. DaltonFollowing the practice adopted under my predecessors, this target, as has repeatedly been explained, consists of gross purchases of Savings Certificates and Defence Bonds, plus the net increase in the balances of depositors in the Post Office and Trustee Savings Bank. The second part of the Question was answered in my reply to the hon. Member last Tuesday.
§ Sir W. SmithersDoes not the Chancellor of the Exchequer realise that I cannot get out of him what, is the net cash result to the Treasury up to date of this year's small savings? Is the position of the country so bad and is the response to the appeal so bad that he dare not publish the figures?
§ Mr. DaltonThe figures have been repeatedly published. If the hon. Member has not yet read the figures, the answer is—and there is nothing to conceal; this has been repeatedly stated before, and it was stated last Tuesday— £208 million for the first nine months of the year.
§ Sir W. SmithersIs that net?
§ Mr. DaltonYes, Sir.