§ Mr. SHORTasked the Financial Secretary to the Treasury how the deposits in the Post Office Savings Bank are invested; whether any are borrowed by the Treasury or other Government Departments; and, if so, for what purposes and at what rates of interest?
Mr. MORRISONDetails of the investments held for the Post Office Savings Bank Fund at 31st December, 1934, will be found in the Accounts of the Fund presented to Parliament on the 25th June last, (63–9999). In addition to their investments in Government stocks and bonds the National Debt Commissioners under their statutory powers may advance money as authorised by Parliament to the Treasury and other public Departments, the interest payable on each advance subject to any statutory directions 1415W being determined at the time the advance is made, having regard to the rates of interest then prevailing. Particulars of the advances made in 1934 are:
Advances for Capital outstanding. Rates of Interest. £ s. d. Telegraph Acts, etc. 6,800,000 0 0 29th March, 1934—3¼ per cent. 27th June, 1934—3¼ per cent. 28th September, 1934—3⅛ per cent. 29th December, 1934—2⅞ per cent. Commutation of Pensions 275,338 12 9 3½ per cent.