STIMULATING THRIFT
SUCCESSFUL VICTORIAN SCHEME Gratifying results are reported to have come from the policy of the State Savings Bank of Victoria to stimulate the habit of saving, even down to the smallest units of currency. The bank sold 47,198 money boxes last year at 6d each for the reception of small coins in households. Since the plan was inaugurated in 1908 more than 1,000,000 money boxes have been sold. Last year the approximate average of the contents of the boxes returned to branches opened by the officials was £1 8s sd, very little of which, it is safe to say, would have reached the bank in any other circumstances. Pay envelopes numbering 7,615,850, conveying thrift messages, were supplied free of cost last year to 2979 factories, firms, etc. The employees receive their wages in these, envelopes, which serve as reminders of the advantages of thrift and lead to the establishment of group savings clubs. These clubs have experienced remarkable success. The plan was launched only six years ago, and there are now 941 clubs in active existence, with 32,001 members, and balances in the bank aggregating £134,975. . The object is to enable wage-earners to lodge portion of their income in a banking account without visiting a branch or agency of the bank. Practically every form of industry is represented, the employees belonging to 139 different kinds of commercial and industrial establishments. In addition there are the school banks, numbering 2614, with 175,917 depositors, averaging £1 12s. and representing savings of £218,512.
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Press, Volume LXIX, Issue 20979, 6 October 1933, Page 16
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252STIMULATING THRIFT Press, Volume LXIX, Issue 20979, 6 October 1933, Page 16
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