§ Mr. H. G. Williamsasked the Chancellor of the Exchequer whether he can furnish an estimate of the savings of the people through the medium of the various facilities for such thrift; and what has been the increase since the end of 1931?
§ Sir J. SimonIn reply to the second part. the increase since the end of 19311346W has been over £730 millions or rather more than 30 per cent.
In answer to the first part of the question, the following are the main figures normally taken into account in calculations of the nature suggested in the question. There are sometimes added life assurance and an allowance for the equity value of the borrowers' interest in property financed by building societies, but these are not included in the figures below.
The figures for the National Savings movement which are given separately, and also grouped as a whole, are for 31st October, 1937, accrued interest being estimated provisionally to the same date. The remaining figures are in each case the latest available, this being the end of 1935 in the case of:
Industrial and provident societies,
Societies under the Friendly Societies Acts,
Accumulated funds under National Health Insurance Acts,
Registered superannuation trust funds,
the end of 1936 in the case of:
Building societies,
Industrial assurance,
Trade unions,
Railway savings banks,
and 31st March, 1937, in the case of:
Birmingham Municipal Bank.
It should be noted that
1347W
- (a) it is not practicable to frame an estimate of the extent to which these aggregate savings are attributable to the small saver; the proportion varies in each case;
- (b) as far as possible duplication has been eliminated, but there still remains a comparatively small amount which cannot be definitely ascertained;
- (c) in certain cases the figures include sums which are in the nature of reserves;
- (d) it is not possible to estimate the amount of Government stock held by the small investor otherwise than on the Post Office and Trustee Savings Banks registers (if figures were available it is to be presumed that they would show a decrease after 1931 corresponding to the decrease on the Post Office and Trustee Savings Banks registers).
— 1931. Latest available. National Savings Movement: (£ millions.) (£ millions.) National Savings Certificates* 502.4 514.7 Post Office Savings Bank * 289.4 466.3 Trustee savings banks * 141.6 223.2 Post Office and trustee saving bank stock registers (nominal value). 232.9 203.4 1,166.3 1,407.6 Birmingham Municipal Bank 12.9 23.8 Building societies (share capital, deposits, etc.) 412.2 643.2 Industrial and provident societies 174.2 250.1 Industrial assurance 280.2 391.6 Societies registered under the Friendly Societies Acts 119.8 142.1 Accumulated funds under the National Health Insurance Acts 127.9 133.4 Registered superannuation, etc., trust funds 42.8 65.7 Trade unions 11.5 16.4 Railway savings banks 17.2 25.4 Total £2,365.0 £3,099.3 * Includes estimated accrued interest.