§ 7. Mr. Nabarro
asked the Chancellor of the Exchequer when the tenth issue of National Savings Certificates, maximum holding 1,000 certificates, face value £750, was initiated; how many net have been bought; and in what total value.
The tenth issue of National Savings certificates was introduced on 1st August, 1956, with a maximum holding of 600 units costing £450. This was increased to 1,000 units costing £750 on 1st May, 1958. Total sales up to the end of April, 1958, were £518 million, or 691 million units, and a further £361 million, or 481 million units, have been sold since 1st May last. I cannot give figures of net sales of this issue, since the figures of repayments do not distinguish between the various issues. Total repayments of all issues over the period were £665 million.
§ Mr. Nabarro
Would not my right hon. Friend agree that the substantial tax reliefs which he announced a couple of weeks ago were made possible largely by the phenomenal record of the National Savings Movement? As so many people today already hold the maximum number of certificates permissible under the tenth issue, will he consider either an extension of the maximum number of 196 certificates or an eleventh issue on appropriate terms at an early date?
I entirely agree with my hon. Friend about the contribution which the National Savings Movement has made to strengthening the economy. I would like to say how greatly I rely on their efforts in the future to continue to make a useful contribution to our national resources. I am grateful for the views which my hon. Friend has expressed.
In answer to my hon. Friend's second point, I have the question of the ceiling as well as the terms of National Savings issues continually under consideration.