PEOPLE'S SAVINGS

Evening Post, Volume CXXVII, Issue 98, 28 April 1939, Page 11

PEOPLE'S SAVINGS

POST OFFICE BANK

MILLIONS THAT HAVE GONE

(By Telegraph—Press Association.) AUCKLAND, This Day. Discussing the effect of the Government's policy regarding finance, the Leader of the Opposition, Mr. Adam Hamilton, • said in an interview today that the Abstract of Statistics- for March showed that the position of the Post Office Savings Bank had deteriorated by a gross total of £6,828,328 to the end of February last as compared with the eleven months of 1937-38. The actual figures were that for the eleven months of 1937-38 to the end of February, deposits exceeded withdrawals by £3,644,133. For the eleven months of the financial year 1938-39 to the end of February last withdrawals exceeded deposits by £3,184,195. During the 1937 session and early lasj year Cabinet Ministers and other Government supporters had pointed very! proudly to returns of the Post Office; Savings Bank as showing greater pros-i perity wholly attributable to the policy implemented by the Labour Government. "I have noticed that nothing has been broadcast or said by Cabinet Ministers and Labour speakers generally about the present situation of the Savings Bank figures," said Mr. Hamilton. j "What is the reason? If a large excess iof deposits over- withdrawals was an index of prosperity and community well-being in the Labour paradise last year, how does the Prime Minister describe the changed situation today?"