§ Sir W. Smithersasked the Chancellor of the Exchequer how the 12-months' target of £520,000,000 from War Savings was progressing, at the latest available date; and the actual benefit to the Exchequer in increase of real cash, as a result of the National Savings Campaign for the first six months of the current financial year, after taking into account all debits and credits including interest paid and accrued.
§ Mr. DaltonThe National Savings target of £520 million for the present financial year consists of gross purchases of Savings Certificates and Defence Bonds and the net increase in the balances standing to the credit of depositors in the Post Office Savings Bank and Trustee Savings Banks. The total so raised for the 35 weeks ended 7th December, 1946, was £365,114,000. a weekly average of £10,432,000. We are thus more than £15,000,000 ahead of the target up to date. The following table, which is reproduced from the statement given on 22nd October last, in reply to the hon. Member, shows the sums received and paid 195W out in respect of principal and interest on each class of small savings, with estimates of interest accrued, for the first six months of the financial year.
SMALL SAVINGS, SIX MONTHS, APRIL TO SEPTEMBER, 1946. Aggregates for the six months £000 Savings Certificates: Purchases 68,300 Estimate of Interest accrued 26,600 Repayments of principal 70,050 Repayments of interest 10,996 Defence Bonds: Purchases 126,748 Repayments 17,403 Post Office Savings Bank: Deposits 237,051 Estimate of Interest accrued 21,580 Withdrawals 214,964 Trustee Savings Banks: Deposits 121,610 Estimate of Interest accrued 7,520 Withdrawals 100,081 NOTES.—1. Services Release Benefits Accounts. The figures for the Post Office Savings Bank exclude Services Release Benefits Accounts. In the period April to September, 1946, sums amounting to approximately £106 million were credited to, and £108 million withdrawn from, these accounts.
2. Estimates of Accrued Interest. As regards Savings Certificates, the figures represent the increases during the period in the estimated amount of the interest due on Savings Certificates remaining invested. As regards the Post Office and Trustee Savings Banks, the figures represent the estimated interest due, on the outstanding balances, at the end of period— interest on the balances in Services Release Benefits Accounts being deducted