HC Deb 26 February 1924 vol 170 cc299-300W

asked the Chancellor of the Exchequer if he will give for each of the last six months the sales and repayments of National Savings Certificates; whether, since the last alteration in the terms of these certificates, the repayments are exceeding the sales; and whether he will consider the advisability of making these terms again attractive to the small investor?


The figures are as follow:—

Issues (purchase price). Repayments (exclusive of interest).
£ £
August, 1923 3,374,000 2,622,000
September, 1923 15,048,000 2,584,000
October, 1923 1,390,000 2,814,000
November, 1923 1,552,000 2,731,000
December, 1923 1,526,000 2,427,000
January, 1924 2,281,000 2,747,000

The yield on certificates held for 10 years is £4 2s. 9d. per cent. free of Income Tax, and is, in my opinion, fully as high as the conditions of to-day justify. The slight excess of repayments over new scales since 1st October is natural after the very exceptional subscriptions in September before the change in the rate of interest.

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