asked the Chancellor of the Exchequer whether he is satisfied with the present rate of net savings obtained by the National Savings movement.

Not entirely, but we are still at an early stage of the financial year and the chairman of the National Savings Committee assures me that he is confident of reaching his target.

Does not the right hon. Gentleman see the unwisdom, and has he not by now observed the result, of linking the national savings appeals to a piece of Socialist Party theory, namely, the four-to-one local authority housing ratio?

I could not for a moment accept what the noble Lord says. As a matter of fact, the facts are directly contrary to the observations which he has made.