SAVINGS OF MASSES AS KEY TO REVIVAL OF BRITISH TRADE

Manawatu Times, Volume LIV, Issue 6851, 5 March 1929, Page 9

SAVINGS OF MASSES AS KEY TO REVIVAL OF BRITISH TRADE

LONDON, Jan. 30. There are now 27,600 National Savings associations in Great Britain, and the thrift they have encouraged has resulted in the saving of a stupendous sum. Strangely enough, however, only a small proportion of these associations is organised in places of employment and an effort is now to be made to establish an association in every factory, shop and store. In an address on “Savings in delation to Industry,” Maj.-Gen. J. E. B. Seely, chairman of tho National Savings Committee, has made the assertion that by the proper mobilisation of small savings, the capital necessary for industrial rehabilitation in Britain can be obtained. “High taxation and small profits in the basic industries rule out the wealthy classes as a source of capital,” declared Generad Seely. ‘There is only one source left—the savings of the great masses of the people. Tho past year has been a wonderful year for the National Savings movement. There are many other savings organisations that are encouraging the small investor with increasing success, but in National Savings alone investors have purchased at tho rate of over 1,000,000 certificates a week during 1928, and November showed higher purchases than any recorded for the same period since the prosperous year of 1921. It seems probable that 1928 investments in National Savings will reach more than £40,000,000, and the total amount remaining invested, including interest, will approximate £500,000,000. It is truo that this great sum is all lent to the Exchequer and does not, apparently, contribute directly to the re-equipment of industry; but the amount so invested relieves the Government from borrowing from tho banks and thus sets free a corresponding amount for the pe-eds of industry.” Two additional thrift plans, which have received the strong endorsement of Mr Baldwin, and which are linked up with a group of insurance, are. now being recommended by the National Savings movement. Both of them, if succesful, will result in the accumulation of large funds of capital.