§ 51. Sir John Mellorasked the Chancellor of the Exchequer why the figure of Defence Bonds paid off on maturity, as published weekly in the Exchequer Return, is excluded from the weekly statements issued by the National Savings Committee which purport to cover the repayment of Defence Bonds.
§ Sir S. CrippsThe weekly figures of the National Savings Committee do not purport to cover all repayments of Defence Bonds. Repayments on maturity are clearly distinguishable from withdrawals on notice or demand before maturity, and have never been included in the Committee's weekly figures. Attention was drawn to this fact in the explanatory statement published with the first return of net savings in April, 1947, and the point has been noted frequently in the financial Press and elsewhere.
§ Sir J. MellorWill the right hon. and learned Gentleman explain the distinction he draws between repayment on maturity and repayment before maturity? Does not this practice mask the true decline in national savings?
§ Sir S. CrippsNo, it does not mask the true decline. Those national savings statements are intended to include, not all information about national savings, but that on specific matters. That was made perfectly clear when the net figures were published for the first time last year.
§ Sir J. MellorWill the right hon. and learned Gentleman say what is the ground for the distinction?