National Savings

Hutt News, Volume 15, Issue 20, 15 October 1941, Page 5

National Savings

SCHEME FOR LOWER HUTT * As an incentive to the public to take a more active interest in the National Savings Scheme, each town having allocated to It a National Savings quota based on a total Dominion annual saving of £5,000,000. It Is hoped that this arrangement will not only lead to a substantial increase in the number of accounts, but automatically 'to a greater regularity in the making of deposits and an increase in the sale of bonds. As a means of enabling the public to learn day by day the extent to which they are playing their part in this important phase of the national war-financing effort, each poßt office flag-pole is being equipped with a "money-ball" and pennant. Each Monday morning J.he ball will be at the foot ol' the flagpole. On Tuesday morning the ball will be hauled up the pole to a height which, in relation to the height'of the pole, is in the same ratio as (the national savings deposits and receipts from bonds for the previous day betir to the weekly savings quota of the town. For instance, if the town's weekly quota is £600, and 011 the Monday £200 is received from accounts aud bonds, the ball, 011 the Tuesday morning, will be hauled one-third of the way up the pole. If, on the Tuesday, a further £100 is received, the ball 011 v Wednesday morning will be hauled up the pole to the lialf-way mark. In this way the ball will climb the ' pole progressiviy each day according to the proportionate amount of the weekly quota received. When the ball reaches the top of the pole It will be immediately lowered to the bottom again and the pennant will be broken out and allowed to repiain Hying at the masthead for the remainder of the week. Each Monday the flag will disappear from the pole, and the ball will start to rise again from the bottom. In this way the townspeople will see, barometer fashion, the progress of their savings. The National Savings Committee is convinced that £5,0(M>,(>00 is not an unreasonable objective. It is .believed that this amount can be raised without contributors being pressed too heavily, and it is felt that the people of the Dominion will desire to do their utmost to assist in this way the fight for freedom. Already a number of towns are exceeding their quota 011 the £5,000,000 basis, and there is 110 reason to suppose that the attainment of its weekly quota will be beyond the reach of any town. VSo far as Lower Hutt is concerned, the weekly quota allocated by the National Committee is £17;'.() At present the average amount being received is approximately £200 a week. This will make it clear that much remains, to be do«e if this city is to take its rightful place in a movement of vital importance to the Dominion's war effort.

A public meeting will be held in the Council Chambers 011 Thursday next at 7.30 p.m.