GROUP SAVING

Ashburton Guardian, Volume 61, Issue 17, 31 October 1940, Page 8

GROUP SAVING

ANNOUNCEMENT OF SCHEME. AN IMPORTANT DEVELOPMENT. (Per Press Association). WELLINGTON, October 30. *A development of importance- in connection with the National Savings Movement was announced to-night by the Minister of Finance (Hon. W. Nash). This deals with the group system which has been instrumental in the success of tine movement in Great Britain and Australia. “As soon as work on the basis of the national savings scheme in New Zealand was completed and the scheme launched three weeks 'ago, attention was focussed on the development of the group system as am essential adjunct to the main scheme,” said Mr Nash. “The group method is designed to place wit mu easy reach of tnosc people who find it inconvenient to go fcoi a Post Office during working time a simple procedure for making -regular investments, it also gets over the difficulty common to many, -a- certain reluctance to- goi to a public office and make a deposit of a shilling or two. Yet it- is those small sums, when added together and continued in a regular how, that really marshal the- whole- of the country’s financial strength behind the lighting forces.” “To enable) the- group system to be handled expeditiously anci in a comprcdiensive manner a small central office organisation has been set up,” said the Ministeir. “It- is located in the: State Fire Buildings, Wellington, and all inquiries should be addressed to the National Savings Office at. that address or to local organisers in the various centres where these are appointed. “The group saving is not- a- separate system but a simple method of enabling employees and others associated in the course -of thc/ir daily work to unite for the purpose of contributing to t'he wav effort,” said Mr Nash. “It is based on investment accounts and money paid in through the group goes straight to the individual account of the person concerned. Bank pass books used for group collections are identical with private.pass books for investmentaccounts, as originally announced, -and ■\f a person leaves a. firm lie can carry on with the account and make his contributions direct at any Post Office. Also, while in a group, he or she can make additional contributions at any time by using the same pass book. People who have already opened investment accounts can join up with a group as soon as it is formed at their place of business.” “An appeal is being issued by the National Savings Office to all business firms to assist in the formation of savings groups. It is hoped that in this Empire-wide movement every business house, office and factory will give whole-hearted support as the National Savings Movement provides a very effective way of helping tliei war effort and at the same time builds up- for the individual a small investment which, while! earning interest in the meantime, will be available after the war to buy things we must deny ourselves to-day.”