TABLE OF CONTENTS. 
Page. 
Minute of Appointment of Committee .. oo 3 
Interim Report— 
Position in February, 1926 fe ved ae v 
Extension of certificates to 1932—Recommendation ... : 
Final Report— 
Evidence heard to vow ou en ee os 6 
The three issues of Savings Certificates oe ore i sud 5 
Purchases of certificates of the first issué and amount outstanding Z 
Effect of acceptance of Interim Report ... LE oe on a : 
Existing opportunities for reinvestment -s sre ae 
Desirability of a special conversion offer 5 i: oe 3 
Description of the proposed Savings Bond a fd = 3 
Effect of its issue ... Fo vrs a 2 re Tee see 10 
Summary of conditions of issue ... it . of my & 10 
Suggested conversion into 4} per cent. Conversion Loan ... ry 11 
Early conversion and provision therefor hes snd woe oe 11 
Excess holdings of certificates ... 2 ox ete ate ey 12 
Desirability of conversion without encashment  ... es 0 12 
Relation of recommendations to Local Authorities’ borrowings 
from the Local Loans Fund ... ‘ve ere ve veh op 12 
Relation of recommendations to the Savings Movement ... ny 13 
Summary of Recommendations ... FY on vee a 13 
The cost of printing and publishing these Reports is estimated 
by the Stationery Office at £8 38s. 4d.