§ Mr. W. Robertsasked the Chancellor of the Exchequer what is the reason why individuals are limited to a holding of
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Mr. LindsayA summary of the returns relating to school attendance of elementary and secondary school children in evacuation and neutral areas in England and Wales which were received from local education authorities at the beginning of January, 1940, is given in the following table:
£1,000 in 2½per cent. National Defence Bonds; whether he is aware that in the United States individual investors are allowed to invest up to £2,500 each year in a similar security; and whether he will allow an increase of the maximum for individual investors in National Defence Bonds in this country?
§ Sir J. SimonI assume that the hon. Member intends to refer, in the first part of his Question, to the 3 per cent. Defence Bonds issued since November last. Individual holdings of these bonds are limited because their special privileges—particularly the right to repayment at par on six months'notice—were designed for the small investor and would make borrowing in this form unduly expensive to the Government if they were extended to larger holdings. Those who have purchased their full quota of Defence Bonds can also hold 500 National Savings Certificates and will, of course, have other opportunities of lending further sums to the Government. The United States security to which the hon. Member refers is no doubt the United States Savings Bond, in which no person is allowed to invest more than $7,500 in any one year. In reply to the last part of the Question, I am satisfied that for the reasons I have given it would be inappropriate to increase the limit of £1,000 to holdings of 3 per cent. Defence Bonds.