SAVINGS BONDS

Nelson Evening Mail, Volume LXXIII, 25 October 1940, Page 2

SAVINGS BONDS

EXTENSIONOF SCHEME SALE THROUGH TRADING BANKS OFFER APPRECIATED BY GOVERNMENT I [United Press Association] WELLINGTON, This Day. > An immediate extension of the naj tional savings scheme whereby the : bonds will be sold by the trading banks. lin addition to the Post Office, was anI nounced last night by the Minister of 1 Finance, the Hon. W. Nash. He said i that when the scheme was first drawn up, it was intended to operate it through the Post Office organisation, and in four centres —Auckland, New Plymouth, Dunedin and Invercargill—where the trustee savings banks were operating, through these institutions, also. Since then, however, the six trading banks operating in New Zealand had offered their services for the sale of'National Savings Bonds, an offer that the Government was very pleased to accept. It was expected that by the end of this week bonds would be available from all branches of the trading banks within New Zealand. “Bonds will be sold by the banks in the same way as they are being sold by the Post Office,” said Mr Nash, “and the whole of the proceeds will go into the War Expenses Account. It is anticipated that the sale of the bonds by the trading banks will be appreciated by their customers and others who will be able to purchase the bonds when transacting their ordinary banking business.” Mr Nash said that provision was made when the National Savings Act was passed for the trustee savings banks to co-operate insofar as national savings investment accounts were concerned ,but they had asked to be permitted to assist in the sale of bonds and the necessary arrangements in this connection had also been made. “These offers of assistance by the trading banks and the trustee savings banks are much appreciated by the Government,” said the Minister, “and are further evidence of the desire which exists throughout the whole community to assist in the war effort in every way. It will now be possible for National Savings Bonds to be purchased at approximately 1000 branches of the Post Office, at 390 branches of the trading banks and from the trustee savings banks in the four centres where they are operating. “These ararngements refer only to the National Savings Bonds which are a form of investment for those who have a small amount of money ready for investment and who desire to hold a negotiable security, the denominations being £l, £lO and £IOO and the purchase prices 17s 6d, £8 15s and £B7 10s respectively, all maturing in five years from the date of purchase. INVESTMENT ACCOUNTS “For all others, the other handy form of investment under the national savings scheme will have the greater I appeal, that is the national savings investment accounts, as these enable smaller amounts to be contributed at any time and in any sums that suit the investor from Is upward. These accounts can be opened at any of the 1000 post offices throughout the Dominion and also with the trustee savings banks in the four centres where those institutions are established. “I would like to stress the point,” added Mr Nash, “that the real benefit to the community from the national savings scheme will come from the new and additional savings of the people, that is from the savings effected b y consuming less and postponing the pleasure of spending till alter victory has been won.”