Savings Bank (Losses)

Oral Answers to Questions — Post Office – in the House of Commons at 12:00 am on 24th January 1951.

Alert me about debates like this

Photo of Mr William Shepherd Mr William Shepherd , Cheadle 12:00 am, 24th January 1951

asked the Postmaster-General how much money has been lost through fraud since the end of the war by the Post Office Savings Bank.

Photo of Mr Ness Edwards Mr Ness Edwards , Caerphilly

The amount lost during the period 1st July, 1945, to 31st December, 1950, was about £311,000. Of this amount nearly £250,000 was lost in the years 1946-48. I am glad to say that the safeguards which we have introduced during the last two or three years are having very satisfactory results and the current rate of loss is lower than it has been for many years.

Photo of Mr William Shepherd Mr William Shepherd , Cheadle

Is the right hon. Gentleman satisfied that the accounting arrangements which at one time made these losses possible are now adequate; and will he say whether the public will, within a short time, be relieved of the inconvenience of sending their book back at the completion of every page?

Photo of Mr Ness Edwards Mr Ness Edwards , Caerphilly

Sending the book back to the Department is really our only security against many of these frauds and I could not ask for a withdrawal of that arrangement.