SAVE AND LEND

Dominion, Volume 33, Issue 302, 16 September 1940, Page 8

SAVE AND LEND

British Chancellor’s Appeal WARNING OF DANGER OF INFLATION (By Telegraph—Press Assn. —Copyright.) LONDON, September 13. The Chancellor of the Exchequer, Sir Kingsley Wood, today appealed to people to lend more to the State, and warned the country against the perils of inflation. Thev could live for a time in the fool’s paradise of inflation, he said, but. it would be a short life and not a gay one.

It seemed an easy course at first sight to create money and credit. It cost nothing at first, for inflation was nothing more original than postponing the day of reckoning. It was a kind of progressive and cumulatiie cheating. "We must take a different path,” he said “not an easy one, but one that is sure and safe. It means that consumption by all of us must be strictly reduced. It means steady and continuous saving, and lending to the State to the utmost, by all.” Sir Kingley warned the country that there were many perils yet to be faced. “You are only just at the be, ginning of this grim awl vital struggle,’ lie said. “It may well be that the tide is now turning, but we have much to endure, much to suffer and much to accomplish before victory comes, as it surely will.” . Sir Kingsley Wood said that nothing had been a better or greater answer to Hitler in the last few days thon the unflinching and dogged spirit of the people—many of them the occupiers, ot small dwellings and humble homes. They realized, and had shown by their courage and confidence, that the front line in this war was as much on their own thresholds as in the lines held by the fighting forces. Sir Kingsley Wood stnd that the latest figures showing the public’s response to the appeal for investment in Government loans were ‘ n ’ couraging. The fine total of £3i>3,000,000 had been reached in savings certificate* defence bonds and savings bank denosits. The 21 per cent, national war bonds had produced so far £202,000,000 and loans to the Treasury free of interest h a d already totalled £17,000,000. In all, including the 3 per cent, war loan, a grand total of £873,000,000 had been raised since the beginning of the war.