§ Mr. BAKERasked the Chancellor of the Exchequer how long it is proposed to continue the sale of national savings certificates at the present rate of interest; whether he is aware that the Government of the day gave an undertaking, at the time war savings certificates were instituted, that the sale of national certificates would not be continued beyond the point necessary for raising money for war emergency; whether he will present to the House an analysis of the sum expended on advertising these certificates; and whether, if the sale of such certificates is to be continued, he will transfer the whole of the work to the Postmaster-General?
Mr. GRAHAMI am unable to say when the rate of interest on savings certificates will again be altered. So far as I am aware, no such undertaking as is alleged in the question has been given by any Government: in any case, the Treasury have repeatedly stated that it 909W was their hope that certificates would remain as a permanent feature of national finance. The expenditure on advertising is accounted for in the usual way, and has been reduced from £98,000 in 1921–22, and £61,000 in recent years to £50,000 in the current year. The suggestion that the whole of the work in connection with certificates should be transferred to the Postmaster-General was rejected last year after full examination by the Montagu Committee, to whose report I would refer the hon. Member.