WAR FINANCE

Evening Post, Volume CXXXI, Issue 102, 2 May 1941, Page 6

WAR FINANCE

NATIONAL SAVINGS

INCREASED DEPOSITS

On February 18 last the Minister of Finance (Mr. Nash) announced that receipts from the Dominion's national savings campaign has just passed the £1000,000 mark, the actual figure being £1,007,230. Since this announcement, ' steady progress has been made and up to March 31, 1941, that is in a period of six weeks, a further £320,382 has been received, making a grand total of £1,327,612. Of the total, £611,493 represents the proceeds from the sale of 42,336 national savings bonds and £716,119 has been deposited through over 100,000 national savings accounts. The campaign was launched on October 10, 1940, and so far the receipts have averaged approximately £53,000 per week. In the early stages of the' campaign the bulk of the receipts was from the sale of national savings bonds. The sales of bonds, however, have dropped, but the decreased returns from these securities have been ftiore than made up by the greatly increased amount of deposits in national savings accounts. One aspect of the national savings scheme which is proving increasingly popular is the formation of savings groups in business houses. To date 3100 firms have started savings groups through which approximately 50,000 members of their staffs are contributing to national savings. These groups provide a convenient means for employees to make deposits to their own national savings accounts and also ensure that deposits are made regularly—a point which is of paramount importance to the ultimate success of the scheme, for the opening of a national savings account which is not thereafter regularly used is of little benefit either to the individual or to the Dominion's war effort. These figures show clearly that the people of the Dominion are now realising the necessity for saving to the utmost for the war effort. The progress of the scheme to date has been most satisfactory, but continued and increasing support from everyone is necessary to secure the full and most beneficial effect on the national economy.