"RECKLESS SAVING"

Evening Post, Volume CXV, Issue 16, 20 January 1933, Page 10

"RECKLESS SAVING"

SPENDING WITH WISDOM

Sir Harold Bellman, managing director of the Abbey Road Building Society, London, one of the biggest building societies in the world, has urged the need for wise and generous spending—systematic expenditure in place of unnecessary; retrenchment. "In this decade," he said, "we have witnessed two extremes—the first when we. observed public extravagance and reckless expenditure. Now the pendulum has swung to the other extreme and we see a tendency to parsimony in place of profligacy. There is something akin to reckless saving. "Difficult as it is for a great thrift institution even temporarily to revise its message to the' public, it is now our patriotic duty at least to . discourage that saving which is tantamount to. hoarding, •and to urge .iv. the. wider national interests generous arid- reproductive, expenditure; ' ' •-■.-- ---"I am not. going to suggest that the I'ouug'inan contemplating marriage should cease to save diligently. Similarly, those lin precarious positions,-facing the risk of unemployment, early retirement; or similar eventualities, have' a duty laid upon them to provide for such contingencies, r "But for those whose : income. has/ : not ! been diminished and who already have a i comfortable reserve-rand our experience during . recent months convinces us this ' class is larger, than may be generally supposed—it is a :duty to spend courageously. [•Paradoxically, we have to spend to save."