§ The Chancellor of the Exchequer (Mr. Dalton)I turn aside, for a moment, to consideration of the question of national savings and the gilt-edged market. As the Committee know from the published weekly returns, the net figures of national savings since last April are very disappointing indeed. New savings are not as good as they ought to be, and withdrawals have been much too heavy. I hope that, in the next few months, as a result of the special campaign now being undertaken by the Savings Movement, under the leadership of Sir Harold Mackintosh, we shall see much better results. Voluntary saving, after all, is the most effective and least painful of all methods of relieving inflationary pressure. If we had enough savings we should need fewer other expedients. Not only to buy, but to hold, as a firm investment, Savings Certificates and Defence Bonds, and to build up and maintain deposits in the Post Office and Trustee Savings Banks, is both a civic duty and an act of enlightened self-interest.
This is no less true of other Government securities. I have been glad to see 393 the recent improvement in the gilt-edged market, and I hope all Members have equally been glad to see it. I hope that this improvement will continue; there is no good reason why it should not. 1st March next is the earliest date for repayment of £300 million of 3 per cent. Conversion Stock. On or before 1st December, I shall make an announcement as to how this stock will be dealt with.