§ Mr. Stratton Millsasked the Chancellor of the Exchequer (1) why it is not possible to give particulars of the original cost of securities held by the Post Office Savings Bank Fund; and if he will give an estimate;
(2) if he will revise the method of presentation of the annual accounts of the Post Office Savings Bank Fund so as to conform with the best commercial practice; and if, in particular, he will show the original cost and date of purchase of securities held, together with their current market value.
§ Mr. MacDermotThe National Debt Office keeps book values of its holdings of each stock. These are adjusted by adding the actual cost of new purchases and deducting proceeds of sales, and they thus differ from the original cost of the current holding. It is not possible to work back through the records and obtain the original cost of current holdings, or to give an estimate, as some securities have now been held for as much as 50 years and, following normal disposal procedures, the records have been destroyed.
It is therefore not possible to present the accounts in the form suggested by the hon. Member.
§ Mr. Stratton Millsasked the Chancellor of the Exchequer if he will state the total sum which has been re-invested in the Post Office Savings Bank Fund as general provision against depreciation of securities and the annual amount since 1950; and if he will indicate the basis on which this general provision is determined.
§ Mr. MacDermotFigures for the annual amounts dating back to 1861 are not readily available, but in general 203W the amounts were small. Figures for the annual amounts since 1950 are as follows:
£000 1950 147 1951 74 1952 76 1953 105 1954 121 1955 95 1956 1,098 1957 1,116 1958 1,576 1959 1,135 1960 2,428 1961 3,480 1962 4,162 1963 4,466 1964 5,658 The sums to be retained against depreciation are, under Statute, determined by the Treasury. At present, 50 per cent. of the Fund's surplus income is retained.
§ Mr. Stratton Millsasked the Chancellor of the Exchequer if he will state the percentage yield per annum since 1950 on the moneys invested in the Post Office Savings Bank.
§ Mr. MacDermot
Per cent. yield 1950 2.88 1951 2.88 1952 2.93 1953 2.99 1954 3.03 1955 3.06 1956 3.13 1957 3.19 1958 3.26 1959 3.29 1960 3.43 1961 3.57 1962 3.71 1963 3.79 1964 3.91