PAYING FOR WAR

Evening Post, Volume CXXX, Issue 101, 25 October 1940, Page 9

PAYING FOR WAR

NATIONAL: SAVINGS

£66,000 IN.FIRST WEEK

PROGRESS REPORT

For many months past, from all parts of the.. Empire, have come reports of the magnificent response being made to the national savings movement. The New Zealand campaign which forms part .of this gr.eat movement lias only recently been- launched, but the progress reports which are now coming to hand show clearly that the .people of this- Dominion were eagerly awaiting an opportunity to play their part in tangible form. The scheme was inaugurated by the purchase by the Prime Minister of the' firsl National Savings Bond, following ari announcement that morning by the Minister of Finance as to the details of j the scheme. Since then public interest [ has •. been increasing rapidly, as cvi-: denced not only by the financial re-; turjis"but by the volume of correspondence received by the Department, with many and novel suggestions for exten- j sion-of the movement to tap particular sources, of . prospective savings. Th.^se will no doubt' receive due consideration by the departmental authorities, but the scneme, as originally announced/ appears to cover in sitnple form most of the practical- requirements.. The two alternative forms of investment enable a choice to be made to suit individual requirements. The bonds in three denominations of £1. £10, and1 £100 are available for those who desire a negotiable security while the investment accounts provide a means of saving which allows of varying amounts from Is upwards. It is understood that "certain extensions to the scheme are contemplated almost im-1 mediately but any such extension can J

well be based on these two main features. GROUP SCHEMES. Nothing has been heard so far in.New Zealand of group. savings schemes which are playing such a prominent part in the success of the movement in Great Britain and Australia, but it is" believed' that an announcement is imminent on this aspect of saving. Group saying, of course, is not a separate matter,. ..but . simply a convenient: method of. collecting individual sav-J ings and; should work in admirably with the system' of investment . accounts which has already been established* . . ' The.. first essentials in . any saving scheme afQ. simplicity and convenience, J and .thei details as announced originally measure up to this at least in the first item. Many, people, however, either lind it inconvenient to call, at the Post Office, during working hours, or are reluctant to .make small deposits of a j shilling; dr iyjo. The solution of this is [ the" group collection, method, and if, as would' appear, the authorities are prepared, tq develop this, a considerable increase, in- the already satisfactory (iguries'.Avill 'berealised. '. ..; ~' ;. In view, of...the .extensive prganisa: i tiori being" utilised, for,'.the Collection.'of money under the nationaV savings ; scheme, involving approximately , 1000 .- branches of the Post Office arid in ad- ' ditlon the offices of the trustee savings banks in-the centres where they are > operatirig;^thei: progress: .reports are naUfraHy^incofiiplete' as it takes : time/ " to.* obtain "the returns •. from the outlying areas. ; Figures to ;ha»d, .-.jyoweyer,.} at, the j close of business ort Saturday• show (hat over. £60,000 had been, subscribed ma little over ar week. On this basis the •scheme over: a whole .year would \ add soxnev three ' millions .to the War -z Expenses "Account, but: this:figure- will no doubt be considerably exceeded, as|. (he most satisfactory feature of the I pres'ejni iiicoitiplete returns is the} 1 manner iii which "the daily figures have-i I risen; r ln the first day after the cam- s paigri-Vyas opened and Avliile many' r peYJjple' knew liftle or nothing of saving a as aii" essential, of any country's war! Y effort, . .the inyesfments'."at the princi- ~ pal offices only were some £6500, four * days later the daily investments were a over £8000, two days later £9300, andi^ Friday £13,100. r As the scheme becomes more gener- i ally known .and the necessity for say- a ing. as a war ■ measure more univer- r sally, appreciated, the results will with- f out doubt place New' Zealand in the t proud- position /she usually occupies ¥ when there is a real job of work to t be- done. New Zealand troops will t have, marshalled behind them the * whole savings of the Dominion to provide them with the essentials they re- * quire. . c