National Savings

Press, Volume LXXVII, Issue 23411, 19 August 1941, Page 6

National Savings

In a broadcast on Sunday night the chairman of the National Savings Committee, Mr T. N. Smallwood, ,said -with truth that the national savings effort “does not give us great cause for “pride," The sum the Government is asking for—-£ 3,000,000—is smaU enough, and 'indeed .far too-small, f Yet at the present rate it will iriot be subscribed within the year. Seeking the .'reasons' for this poof response, Mr Smallwood asked' whether New Zealanders were so far away from the conflict that they did not under‘•;stand;,.tKe- seriousness ofthe- issues, involved, ’wiijdthdr they were “unduly Selfish” and , jjfaoord /of' .their soldiers overseas. The answers thes§ questions might give some of the reaolpnsL’fpr the'relative failure of the savings cam,'paign; “they ’ would not give all the reasons. iThere ; is - smother pertinent question which Mr. .'Smallwood should'have asked; and he should ibqve addressed it to the National Savings Committee. It is whether the committee is aware that the -publicity behind the national savings .'cairipaignis weak, inept, and misleading. Al- , most 1 every day, sepulchral radio voices invite New Zealanders to put their “ spare cash ” into ‘ national' savings accounts.. The badly printed “and misspelled circular sent to householders recently repeats thisstrangc exhortation and even assures New,Zealanders that they can help the war effort at no cost to themselves. The appeal made by the national sayings campaign, is to the lower income groups in the community, - to all who are not contributing financially to <the' national war effort by subscribing to war loans: Members of the lower income groups are not blessed with “spare cash” or “surplus “ funds.” On the contrary, the rising cost of living and heavy taxation oblige them to live ; very close to the limit of their incomes. They can save only by making sacrifices, by sacri- ; fidng their small luxuries and even some things i they have come to regard as necessaries. That is why they are being asked to save and why their savings are more important than the savings of the wealthier classes, .The Government needs the savings of the low income groups because every penny saved; represents ; a restriction of consumption anti, ultimately, a diversion of labour and plant from the production of consumption goods tp the production of War cpinmodities. Mr Smallwood If Wril aware of this. He. said in bis broadcast that citizens were; asked to make “ a sacrifice “ involving a voluntary restriction of purchas“ing‘ power .to release savings to pave the i “path to yirtory; to free funds; for,, vital “weapons of .offence bn the battle fronts." This

is the common sense of the national savings scheme. If it had been the keynote of the publicity from the start, and if the publicity had been less feeble, New Zealand’s national savings record might be more impressive.