NATIONAL SAVINGS SCHEME

Press, Volume LXXVII, Issue 23353, 12 June 1941, Page 8

NATIONAL SAVINGS SCHEME

, Sir, —In reference to the article printed in “The Press” yesterday and your own leading article this morning, on- national savings, may I suggest that the details of this scheme should be more fully and clearly explained. A few days ago I went into the post office to open an account and asked if any. printed explanatory matter was available. The officer said there had been a small booklet, but there appeared to be none left. In reply to my questions he said that the accounts were exactly the same as ordinary post office accounts, except that the money would be used solely for war purposes and it would be tied up fqr five years. (Mr Smallwood said in his fine article yesterday that the period was approximately four years.) That is all very well, of course, but one would like to know more. From other sources I have heard that in cases of hardship or where a real need for the money can be shown the Government might, repay it at an earlier date, and, also that the interest can be drawn at regular intervals by any depositor. The public naturally want to be correctly informed on points stich as these and even the pass-books gives no enlightenment. I have myself opened an account, but others might be inclined to hold off till they can get more precise information.— Yours, etc., GEORGE INGRAM, June 10, 1941. [This letter was referred to the Chief Postmaster (Mr V, C. Lawn), who stated that National Sayings Accounts were operated in the same way as ordinary Post Office Savings Bank accounts, except that no withdrawals were / permitted, unless hardship was proved,; until the investment period expires on June 30, 1945. Interest is credited to the accounts on June 30 each' year and may be withdrawn from the account Vfithin six months of that date. A certain quantity of literature which was used in the initial stages of the National Savings Campaign is still on hand and this will be made available to persons desiring fuller particulars.]