NATIONAL SAVINGS

Ashburton Guardian, Volume 70, Issue 123, 9 March 1950, Page 4

NATIONAL SAVINGS

CHAIRMAN’S STATEMENT In commenting on the excellent support accorded National Savings, Mr T. N. Smallwood, chairman of the N.Z. National Savings Committee, said: “The .large sum of £10,000,000 has been invested since April 1 last, of which £1,869,000 was received by the transfers from matured war gratuity accounts. The progress made will be more appreciated when it is mentioned that for the whole of the preceding financial year, the amount raised was £7,500,000.” He stated further that 31,000 new accounts, of which 12,000 were in savings groups, have been opened during the past 11 months. Mr Smallwood added, “T am particularly pleased to learn that 345 of the 358 towns with targets allotted have exceeded their objectives for the year ending March 31 next, and that all of the 20 postal districts have been similai'ly successful. It is confidently anticipated that all local annual targets will be reached by March 31 to record 100 per cent, success for the third successive year.” In conclusion, he mentioned that since the National Savings movement was lauitched in October, 1940, £75,000,000 has been credited to national savings accounts and raised by the sale of five-year 3 per cent, national savings bonds. The amount remaining at the credit of investment accounts aggregates £46,000,000 and is steadily increasing.