DEFERRED PAY RELEASE AND CAPITAL LEVY 45

come to less than this because there are variousconcessions which it would be fair to make.

In the first place there are certain definitecommitments to save entered into before the warwhich a man might reasonably be aUowed to meetout of his blocked deposit such as instalments dueto a building society, premiums due to a LifeAssurance Office, hire purchase commitments,and perhaps bank loans. (I have already allowed£50 miUion as a margin and, if this is insufficient,there is also, I believe, a substantial hiddenreserve in my estimate of the voluntary savingsto be expected outside the deferment scheme.)It would also be reasonable to release them forthe payment of death duties.

In the second place, a man might be allowed toapply his deferred pay to the purchase of newlife insurance or an endowment policy. Schemesto encourage this might be prepared by the LifeOffices on fines adapted to the special circumstances.

In the third place, since these deposits are aman's own property intended to increase hissense of security and as a reserve against hisfamily and personal emergencies, he should beallowed to use his deposit in any case approvedby his friendly society or, in the case of the P.O.Savings Bank, by a local committee, as forexample to meet illness, unemployment or specialfamily expenses.

In general, however, the deposits are notintended to be used until after the war when theywould be released by a series of instalments atdates, not unduly delayed, to be fixed by the