LESS DEPOSITS.

Manawatu Standard, Volume LIX, Issue 161, 9 June 1939, Page 6

LESS DEPOSITS.

In the course of his speech to the Tanners’ Union conference at Dunedin the Leader of the Opposition (Hon. A. Hamilton) drew attention to the decline in the value of primary production. The figures he quoted emphasise the imperative need for the public to watch the situation closely, and to protect themselves against times that may not be so good as now. One way in which this can be done is by thrift. That tloes not mean to say people should immediately save by denying themselves ordinary comforts, but to spend carefully, avoiding extravagance. New Zealanders once were regarded as a very thrifty people, but if the Dost Office Savings Dank figures are a criterion they cannot claim this title to any great extent. As jMr Hamilton pointed out the withdrawals have exceeded deposits by £4,16d,000, and this figure lias been exceeded since 1928 only at the depth of the depression. It is the first time in five years that such a return has been made, and it must be regarded as evidence of a less desire to save. In the last financial year deposits were lower by £234,000 than in the previous period, while withdrawals were AT,556,900 greater, so that the actual deterioration on balance is close to £8,000,000. No doubt it was this position that impelled the recent official statement urging people to save, whereas a few years ago the same Party condemned thrift. It is significant that an extravagant Government will encourage extravagance among its people and this must iu part be responsible for the decline, though there are undoubtedly oilier contributing factors. Savings by small investors are a marked feature of life in Britain. The last report submitted to the National Savings Assembly showed that the amount held in the Post, Office Savings Bank increased in the year by £39.000,000 and m the Trustee Savings Banks by £13,000,000. The total sum held in them and in National Savings Certificates amounted to £1,433,629,000. These are highly impressive figures and show how deeply rooted is thrift m people in Britain.