§ 17. Sir C. Osborneasked the Chancellor of the Exchequer what is the total estimated nominal amout of fixed-interest investments such as Government and Municipal Stocks, Post Office and Trustee Savings deposits, Building Society shares and deposits, National Savings and bank deposits; and what were the approximate figures for 1939 and 1945, respectively.
§ Mr. BarberI regret that it is not possible to give a single total for these fixed-interest investments because figures for certain items are not available, and because it would involve double-counting to add together the various items for which figures are available. I give below figures for individual items, in so far as they are available.
The following figures are given as nearly as possible for 1st January of the years in question except where otherwise indicated. Quoted securities 133W are shown at nominal value. Great caution is needed in using these figures: in particular any aggregation is likely
£ million — 1939 1945 1962 British Government securities and government-guaranteed securities of public corporations(1) 5,262(2) 9,935(2) 14,263(2) Other government-guaranteed marketable securities (13) 141(2) 158(2) 94(2) U.K. Treasury bills (market) outstanding (14) 449 1,470 3,311 Local government authorities in Great Britain:— Stocks quoted on London Stock Exchange (3) 552 480 606 Corporation or Local Bonds (including housing bonds) and Mortgages (other than held by P.W.L.B.)(3) 465 425 1,593 Temporary Borrowings (3) N.A. N.A. 1,009 Other securities quoted on London Stock Exchange:— U.K. public boards 289(4) 286(5) 190(6) Commonwealth and Foreign Governments, corporations, etc. 5,172(4) 3,797(5) 1,507(6) International Bank for Reconstruction and Development — — 19 Companies' loan capital N.A. N.A. 1,383 National Savings (7):— National Savings Certificates 399 1,591 2,653 Defence Bonds — 716 1,079 P.O.S.B. Deposits 551 1,777 1,737 T.S.B.s Ordinary Departments 139 417 897 Special Investment Department 97 115 505 Premium Bonds — — 340 Tax Reserve Certificates — 760 582 Bank Deposits (9):— London Clearing Banks 2,271(8) 4,850(8) 7,200 Scottish Banks N.A. N.A. 718 N. Ireland Banks N.A. N.A. 147 Overseas Banks in London (10) N.A. N.A. 392 Accepting Houses (10) N.A. N.A. 209 Building Societies:— Shares 548 585 2,921(11) Deposits 156 149 226(11) Finance House Deposits N.A. N.A. 377(12) Notes (1) Excluding securities held by National Debt Commissioners and Bank of England (Issue Department only 1939 and 1945). (2) As at 31st March, 1939, 1945 and 1961. (3) As at 31st March, 1939, 1945 and 1961 for England and Wales, and as at 15th May, 1939, 1945 and 1961 for Scotland. (4) As at 24th March, 1939. (5) As at 3rd April, 1945. (6) These figures are not entirely comparable with those for the earlier years. (7) Including accrued interest. (8) Including "other accounts" which total £728 million in 1962. (9) No adjustments have been made in respect of balances with other banks or items in transit. (10) Deposits of U.K. residents only. (11) Provisional estimates only. (12) Members of the Finance Houses Association and Lombard Banking Ltd. only. (13) Excluding stocks guaranteed for interest only and loans and stocks not wholly expressed in sterling. (14) Excluding bills held by National Debt Commissioners, Exchange Equalisation Account, other Government Departments and the Bank of England (Issue Department only 1939 and 1945).