War Weapons Weeks (Assurance Companies).

Oral Answers to Questions — National Finance. – in the House of Commons on 17th March 1942.

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Photo of Mr Richard Stokes Mr Richard Stokes , Ipswich

asked the Chancellor of the Exchequer whether he is aware that advertisements of the Equity and Law Life Assurance Society offer to purchase, on behalf of any subscriber of, approximately, £3 3s. monthly, £500 of 3 per cent. Savings Bonds; and whether lie will put an end to this method of artificially inflating the amounts subscribed to War Weapons Weeks?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I think that arrangements of this kind tend to encourage saving and that in general it would not be desirable to raise objection to them.

Photo of Mr Richard Stokes Mr Richard Stokes , Ipswich

Is the right hon. Gentleman aware that a life assurance company has recently stated that a War Weapons Week in a town the size of Ipswich would benefit to the tune of £100,000 in its total effort with a first subscription of only £600, and does it not give a really artificial picture if that sort of thing is allowed to go on?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I am not aware of the first statement made by the hon. Member, and I think he is under a misapprehension of the position, because the money from the insurance company is not borrowed from the bank, as I rather think my hon. Friend suggested.

Photo of Sir Frank Sanderson Sir Frank Sanderson , Ealing

Is not this merely a method of deferred saving and is not that in the interests of the country?