asked the Chancellor of the Exchequer the explanation for the fall in small savings during recent weeks; whether he is satisfied that the present average weekly savings are adequate to meet their share of war expenditure; and if not, what steps are being taken to remedy the position?
The recent decline in subscriptions to small savings securities is, I think, mainly due to the seasonal influence of holidays and to the fact that the National Savings Movement has concentrated recently on expanding its group organisation. It is satisfactory, however, that sales of the smaller denominations of Savings Certificates, which afford a rough guide to the level of savings out of wages, are running at a rate approximately 17 per cent. higher than during the corresponding period last year. As regards the future, the National Savings Movement's "Tanks for Attack" campaign opens this week, with the express object of increasing the level of small savings during the forthcoming months.