The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, FEBRUARY 10, 1934. THRIFT.

Hokitika Guardian, 10 February 1934, Page 4

The Guardian And Evening Star, with which is incorporated the West Coast Times. SATURDAY, FEBRUARY 10, 1934. THRIFT.

The British people have shown a- remarkable disposition for thrift, and that virtue is one of the main causes accountng for the contentedness of the people in file mass. The. people recognise their personal responsibilities and so meet them as: far as possible by then- own efforts. Such 'action encourages self-reliance, and the recognition of the law. In Britain particularly the “small” capitalist is increasing greatly in number and also in bis investments in the aggregate. Sir George Paish in >a recent speech said lie believed the “small savings” in Britain were in excess greatly of a recent estimate of two itheusand four hundred millions sterling! That is an enormous sum, and gives solidarity to the country, and. incidentally security to property and the right's of possession. The savings referred to are invested mainly in national .savings certificate-;', in building companies, societies, provident and investment trusts, banks, insurance and rail wavs That means that the money, while invested, is being used for the national welfare, and so is doubly effective in its utility for the national good. The money interests are well spread in small holdings, meaning a wide expanse of holders, and thus helping to embrace the masses. New Zealand is in the main thrifty, which is one of the reasons helping over the depression period. Many .persons and families" have had nest-eggs to help over the lean times, and so tire general stringency was less severe. Just as Britain has millions ,in the Post Office Savings

Bank, so New Zealand has a. per centage in keeping with the Home millions. In England the ten million separate depositors had two hundred and nirety millions, and in New Zealand nine hundred thousand depositors had

twenty millions in the Post Office Savings Bank. In tile trustee banks of Britain, as also in New Zealand, several millions are held on. deposit, the money earning its cost in interest in various public and private enterprises assisting towards the national welfare. Friendly Societies in Great Britain are well supported and hold over one hundred thousand millions on behalf of about eight million members. • The friendly society membership in New Zealand totals about one hundred and five thousand only, but there are over four millions of funds, nearly all in investments. The same general scale applies to building societies, permanent and otherwise, many millions being in credit to the members concerned, and the funds used and invested for financial betterment. In regard to the Public Trust, Britain lias accepted trust funds worth over three hundred thousand millions, and in New Zealand; about a ninth of that large sum is held. In the ordinary trading banks there is of course a very large sum on both deposit and open account, and the returns frequently published, indicate how this class of wealth is growing. Just at present the enhanced ori.ee for woo] will swell the banking returns substantially, end no doubt the increased wealth will pass to many useful purposes, and much will be saved against the recurrence of difficult times. Altogether, private thrift plays an important part in the national welfare in helping to advance nublic interests with the sound use of savings, and in creating a more contented people who have security behind them in the tangible nature of their securities and investments, which are in fact part of the national wealth.