Mr. De la Bèreasked the Chancellor of the Exchequer whether he has any in- 43W formation in connection with the unclaimed balances lying at the various banks throughout the country as to what rate of interest is being credited to each of these balances, and whether this rate is simple or compound?
§ Sir K. WoodPractice varies between one bank and another but I am informed that where a balance, which under the terms of the account attracts interest, comes to be regarded as an unclaimed balance, the usual practice of the banks would be not to credit interest. Should such a balance subsequently be claimed and paid interest would be paid according to the terms of the account. Normally, the interest would be simple.