BIG INCREASE IN INVESTMENTS

Press, Volume LXXXIV, Issue 25449, 22 March 1948, Page 3

BIG INCREASE IN INVESTMENTS

—♦ — NATIONAL SAVINGS National savings receipts from April 1, 19*17, to January 15, 1948, totalled more than £7,100,000 which was £lOO,OOO above the target set at the beginning of the financial year, said the chairman of the New Zealand National Savings Committee (Mr T. N. Smallwood) in a statement to “The Press.”

“This is a remarkable achievement when it is considered that the total is £1,500,000 in excess of the total received in the same period. last year,” said Mr Smallwood, ’tit emphasises the great progress made by national savings and clearly indicates its popularity. The total invested in national savings since the inception of the scheme to February 15, nearly seven and a half years ago, is about £54,589,045, which is made up of £12.506,338 from the sale of bonds and. £42,082.707 deposited in investment accounts. The latter figure is spread over about 520,476 investors and represents an aggregate of £BO investment in each account,” he said. “The enthusiasm displayed in all districts has. made this period a record one, the average weekly receipts to national savings for the 41 weeks being £173,170,” he continued. “Out of a possible 352, 330 districts achieved their annual quotas, compared with 301 for the whole of the preceding year. Another encouraging feature is that 20.288 new group and individual accounts have been opened since April 1 compared with 14.772 at the same cate in the previous financial year. “The strong support accorded the movement is much appreciated,” concluded Mr Smallwood. “We look forward to further records being established in the coming year.”