§ This is the Golden Jubilee Year of the National Savings Movement, and I am confident that it will be celebrated with new records.
§ The Premium Savings Bonds are doing particularly well. The new National Savings Certificate, which is only a month old, is already a great success. In these first four weeks no less than £58 million of the new certificates have been sold. This is a far bigger sale than in the corresponding period last year or in the comparable period following the previous new issue. Another new facility is almost ready to be launched. The Post Office are almost ready for the new investment accounts in the Post Office Savings Bank, and they will begin business on 20th June.
§ Another new venture I have decided on is a new issue of National Development Bonds. These will be on sale from 11th July this year, carrying interest at 5½ per cent. The other terms and conditions of the bond will not be altered; in particular, bonds held to maturity will attract a bonus of £2 per cent., tax-free, after five years, and anyone may acquire 1440 up to £2,500 worth of the new issue, if he has the money.
§ In a field apart from National Savings, this is a convenient place to say that I propose shortly to issue a new Tax Reserve Certificate for companies, with better terms than at present.
§ Following the sad loss of Mr. Archer, the Chairman of the National Savings Committee for Scotland, last year, Lord Birsay kindly agreed to take up the Chairmanship. I know that under his leadership there and that of Sir Miles Thomas in England and Wales the Savings Movement will make a great success of the Jubilee Year.
§ Some of the voluntary workers have had a continuous record of service since the first days of 1916 and I know that I speak for the whole Committee in expressing warm thanks to all of them—I have had the privilege of meeting some of them, young and old—who give their time and energies to this national cause. The message is clear: "More savings, less tax".