HC Deb 07 May 1930 vol 238 cc982-3W

asked the Financial Secretary to the Treasury if he will state the total sum held by the Post Office Savings Bank on depositors' account at 31st March, 1930; the amount paid in interest on those deposits for that year; the cost of administration; the income from investments for the same period; and the purpose for which any profit made by investments is ordinarily used?


The Post Office Savings Bank year runs from 1st January to 31st December. At 31st December last the total sum due to depositors was £284,946,000. During the calendar year 1929 the amount credited to depositors by way of interest was £6,862,000, the cost of administration £1,240,000 and the income from investments £12,227,000. One-fifth of any surplus of income is retained as a provision against depreciation, and the remainder is paid to the Exchequer whose credit is behind the whole of the depositors' money and which is responsible for any losses, such as have from time to time been incurred, both in income and capital value.