Small Savings.

Oral Answers to Questions — National Finance. – in the House of Commons on 28th July 1942.

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Photo of Mr William Craven-Ellis Mr William Craven-Ellis , Southampton

asked the Chancellor of the Exchequer whether he will explain what accounts for the decline in the total amount invested weekly in the Government securities open to small investors at a time when total wages are at their highest?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I would refer my hon. Friend to the answer which I gave to my hon. and gallant Friend the Member for Hornsey (Captain Gammans), on 21st July. [Official Report, Column 1411, Volume 381.]

Photo of Mr William Craven-Ellis Mr William Craven-Ellis , Southampton

Can my right hon. Friend acount for the small amount now being contributed to savings?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

I replied on 17th July to the effect that the decrease in subscriptions was due mainly to the incidence of holidays and to the fact that National Savings Groups had concentrated recently on expanding their organisation. I also said that the sale of small denomination certificates, which affords a rough guide to savings, had run at the rate of approximately 17 per cent. higher than at the corresponding period of last year and that I hoped there would be an increase.

Photo of Mr Richard Stokes Mr Richard Stokes , Ipswich

Is not the real explanation that people are beginning to see through all this nonsense?

Photo of Mr Austin Hopkinson Mr Austin Hopkinson , Mossley

Does it not show that this advertising campaign simply does what all such campaigns do—anticipate the market and lead to an inevitable slump?

Photo of Sir Kingsley Wood Sir Kingsley Wood , Woolwich West

No, Sir, I do not think so.