13 
recommendations relate solely to conversion of certificates and 
no new money is involved. No question of the sale of certificates 
would arise either in the event of Savings Bonds or Conversion 
g issued in exchange for Savings Certificates, nor where 
sue certificates are taken over by a holder in exchange 
ed certificates of the first issue. 
would like to refer, finally, to the importance, in the 
yat of the conversion operations above recommended, 
istance given hitherto so generously by the great body 
ry workers of the Savings Movement. The mainten- 
ver £370,000,000 in Savings Certificates, amounting 
: fest to over £458,000,000, is eloquent of the success 
bh their efforts have been attended during the period of 
years that the Movement has been in existence. We 
the country can rely upon the continuation of those 
- carrying out the steps which we have suggested. 
conclusion we desire to express our sense of obligation 
ude to our Secretary, Mr. J. H. Penson, for the skill 
7 with which he has assisted us throughout our 
summarise briefly the recommendations and con- 
bat we have reached. 
e already recommended :— 
That an option should be given to all holders of 
gs Certificates of the first issue to continue to hold 
certificates, if they so desire, until the 31st March, 
with interest after the tenth year at one penny per 
L per certificate originally costing 15s. 6d. 
further recommend :— : 
The issue for the conversion of Savings Certificates 
first issue 
(a) of a special Savings Bond, designed to meet the 
eeds of the small investor, and 
(b) of new 41 per cent. Conversion Loan (1940-44). 
The encouragement of early conversion of Savings 
icates of the first issue by the grant under certain 
ilons of a small bonus on certificates converted before 
dave run ten years. ) 
That conversion of certificates should in all cases be 
possible without the necessity for encashment and 
-stment. 
Ceci LiuBBOCK (Chairman). 
WILLIAM SCHOOLING. 
TIAWRENCE MARGERISON, 
F. PHILLIPS. 
A. K. WRIGHT. 
PENsoN (Secretary). 
. February, 1926. 
21569—094 1250 3/26 EH. St G.T