§ Mr. HANNONasked the Chancellor of the Exchequer the total number of National Savings Certificates of the purchase price of 15s. 6d. and 16s., respectively, outstanding at 30th June, 1924; and if he can give figures to indicate the decline in sales consequent on the increase in the original sale price of these certificates?
§ Mr. SNOWDENThe cash raised by the sale of National Savings Certificates at an issue price of 15s. 6d. during the year ended 31st December, 1921, was£42,149,000, or an average of£3,512,000 a month. For the three months to 31st March, 1922, the sales were abnormal, owing to the impending alteration in terms, and averaged£20,866,000 cash each month. The price was raised to 16s. as from 1st April, 1922, and the total cash raised from that date down to 30th September, 1923, was£73,759,000, or£4,098,000 a month—an increase on the previous monthly normal figure. No further change has been made in the issue price, but other conditions were altered as from 1st October, 1923. From that date to 31st May, 1924, the sales have been£15,687,000 or£1,961,000 a month. There are many other circumstances besides issue price which affect the sale of certificates, and I should hesitate to 1999W attribute solely to the price variations either an increase or a decrease in the applications