HC Deb 12 November 1931 vol 259 cc275-6W

asked the Financial Secretary to the Treasury the number of depositors and the amount of deposits in the Post Office Savings Bank; the amount of money loaned to the Unemployment Insurance Fund from the deposits; and the date, or dates, when such loans were made, together with the amount withdrawn from the bank by the depositors for the weeks ending 24th and 31st October, respectively?


The total estimated deposits in the Post Office Savings Bank on 31st October last amounted, including accrued interest, to £292,000,000 and the number of depositors was 10,350,000. Statements are published from time to time showing the nature and amount of the securities held against these liabilities, and I may refer the hon. Member to the Post Office Savings Banks Account presented to Parliament on 29th June, 1931, which gives these particulars as on 31st December, 1930, and shows an item of £43,268,000 as Advances to His Majesty's Exchequer under Unemployment Insur- ance Act, 1921, Section 5, and (No. 2) Act, 1921, Section 4. The amount of the outstanding loans to the Treasury from this source for the purposes of the Unemployment Insurance Fund is £72,778,000; no money is lent to the Unemployment Insurance Fund direct. The loans in question have been made at varying dates as occasion required. The net loans made in recent years have been:

1928 7,680,000
1929 5,764,000
1930 14,080,000
1931 to date 29,510,000

The withdrawals by depositors in the Post Office Savings Bank in the week ended 24th October were £1,489,200, against deposits of £1,025,400, and in the week ended 31st October withdrawals were £1,519,700 against deposits of £1,118,100.