§ Sir W. JOYNSON-HICKSasked the Chancellor of the Exchequer how much 1481W money is now deposited in the Post Office Savings Bank; whether any increase has taken place in the rate of interest; and, if not, whether, having regard to the probable continuance for many years of a high bank rate, he can see his way to increase the interest paid to these small depositors?
Mr. CHAMBERLAINThe deposits with the Post Office Savings Bank are now approximately £263,000,000. As I have stated on numerous occasions, I am not prepared to introduce legislation to raise the rate of interest payable to depositors. The reasons against so doing are given in the Report of the Committee on War Loans for Small Investors (Cd. Paper 8179 of 1916) and have lost none of their force to-day.