FIRST £1,000,000

Gisborne Herald, Volume LXVIII, Issue 20486, 21 February 1941, Page 11

FIRST £1,000,000

NATIONAL SAVINGS AID IN THE WAR EFFORT SMALL CONTRIBUTIONS The first £1,000,000 has been subscribed under the national savings scheme, according to an announcement made by the Minister of Finance, the Hon. W. Nash. Emphasising the powerful effect of these savings on the Dominion’s War e.conomy, the Minister said that although much of the money consisted of small contributions of a few shillings a Week, the total in just over four months was impressive, the figure at the close of business on Friday being £1,007,231. Of this total the sale of national savings bonds produced £522,262 and £484,969 had been deposited in national savings accounts.

“When it is realised that deposits in the national savings accounts have been made by some 90,000 investors, the power wielded by the steady flow of small savings can readily be gauged,” said Mr. Nash. “I would like to emphasise that by saving more and thus spending less the persons concerned are making a direct contribution to the war effort, because by decreasing their own demand for goods they enable so much more of the productive capacity of New Zealand and of the whole British Commonwealth of Nations to be diverted to war purposes.”