Mr. RUTHERFORDasked the Chancellor of the Exchequer whether he is aware that the omission to make Six per Cent. Exchequer Bonds Trustee securities is preventing considerable sums being placed therein; and whether he is prepared to take any action in the matter?
§ Mr. McKENNAI think there is some misapprehension in this matter. I am advised that these bonds, like the Five per Cent. Bonds, are securities in which, under the general provisions of the Statutes authorising investments for trustees, a trustee may invest, unless expressly forbidden by the instrument creating the trust.
Mr. RUTHERFORDasked the Chancellor of the Exchequer whether he is aware that many people would subscribe to Government funds if assisted to start doing so; whether he would favourably consider a scheme under which, say, 25 per cent. of all wages over £l became payable in small Exchequer Bonds maturing with interest in, say, five years—that is to say 3s. l0d. or other appropriate sum becoming 5s. in the five years, and larger sums in proportion; and, if all employers could obtain such bonds at a post office, whilst the employed persons who did not desire to keep same could cash them at once without interest, the effect would be that there would be a considerable residue left uncashed in the shape of accumulated savings?
§ Mr. McKENNAVery considerable success has been achieved in encouraging small investors to take up War Savings Certificates and the opportunities of using War Savings Cards or of investing by instalments through War Savings Associations have been freely availed of. In these circumstances I doubt the desir-218W ability of introducing the further scheme suggested in the question, which, I would observe, would involve many difficulties.