GROWTH OF THRIFT

Evening Star, Issue 17922, 18 March 1922, Page 5

GROWTH OF THRIFT

LORD ISLINGTON’S REVIEW,

Interesting figures on. thrift work in England were quoted in the course of a recent speech bv Lord Islington. (Governor of Now Zealand from June, 1910, to December. 1912). chairman of the National Savings Committee (states the London ‘ Times ’)■

During 1921 thq number of 15s 6d savings certificates sold amounted to 53,556,315, representing a cash equivalent of approximately £41,606,144. This brings tho grand total of certificates sold sinco the beginning in 1916 to ,493,997,705, representing a cash value of approximately £382.848,221. Although sales wore hampered by industrial unrest and acute unemployment, the average weekly number of certificates sold through ' 1921 was 1,029,929. Tho lowest weekly sale was recorded during tho coal stoppage. Even then tho lowest weekly total of certificates sold was 760,852, Through that time of depression certificate sales had maintained themselves in a remarkable way, and pointed to tho development of a real saving habit. Repayments in 1921 were less than in 1920. This was notable in view of unemployment and the largo bulk of money invested. Tho number of savings associations formed during 1921 wasrt,72s, an increase of 744 on tbe figure for 1920. Good evidence of the vitality of the thrift movement based on tho savings certificate was afforded by the fact that tho sales during tho last three months of 1921 amounted to 14,758,368 certificates, as compared with 11,867,260 during the corresponding months of .1920. During the same three months in 1921 700 savings associations were formed, the number for the corresponding period in 1920 being 275. In December, 1921, tho number of associations formed was 267, tho largest total for anv month sinec t lie armistice.

Since October, 1821, when t-bo extension of loans on certificate sales to wider local purposes was made, local authorities had shown increasing interest in this source of local finance, and twenty-seven applications (a larger number than in any previous month) were received for loans involving a sum of £354,298. This increase w.as significant, showing tjiat authorities had been quick to realise tho value of tho extension, and .suggesting that this factor in local finance was likely to develop considerably in tho future.