"THRIFT DAY."

Auckland Star, Volume LX, Issue 258, 31 October 1929, Page 6

"THRIFT DAY."

The contention of Mr. Shailer Weston that it was necessary for industry that there should bo accumulation of Capital in the hands of individuals has drawn some "warm letters of protest. The writers object to a state of society in which a few men possess a great deal of money. Apart from the question whether such accumulations are desirable, it may be appropriately pointed out on "Thrift Day" that all wealth docs not lie in a few hands. Industry is irrigated by the savings of the whole of the people. Every Savings I Bank account, every building society deposit, every form of thrift, supplies capital for the innumerable needs of the world. It is well known that in many companies there are a large number of small shareholders. Thrift benefits the saver by providing him or her with a reserve which can be used in various ways—for example, to provide an income in old age —and it also benefits the community by adding to the common stock of capital. The thrift movement is a remarkable feature of modern times. The superficial observer, noticing crowds spending money in the shops and on amusements, might think society very improvident, but statistics reveal a wonderful capacity to save. Look at the figures for the Auckland Savings Bank, with its 135,000 accounts, and at the millions that are subscribed every year in Britain for National Savings certificates, in these times of serious unemployment. Thrift is a duty the individual owes to himself and to the community, and it is well that attention should be drawn to it on a special day.