National Savings Repayment

Nelson Evening Mail, Volume 80, 25 June 1945, Page 4

National Savings Repayment

In a statement to-day on the repayment of national savings, Mr T. N. Smallwood, chairman of the New Zealand National Saving Committee, explained that the money which would fall due for repayment on 30th June was all moneys invested in national savings accounts up to 30th June, 1943, together with accrued interest. He said that investors were given the following options: (a) Withdrawing the money, the whole or any portion; (b) transferring the whole or part to a Post Office savings bank or to a trustee savings bank account; (c) re-investing at 3 per cent, for a further two years to 30th June, 1937; (d) take no action, when the money will continue to be invested at 3 per cent, for a further year to 30th June, 1946; (e) exercise any combination of the foregoing options. Depositors did not have to exercise their option on 30th June, but can do so at any time up to 30th September. Mr Smallwood suggested to national savings investors that in cases where there was no essential need to utilise these savings, the best course in their own and their country’s interest was to let their savings continue to earn 3 per cent, interest in New Zealand’s finest investment. Interlock Nights in all fittings. S.W. 15/5 to X.O.S. 26/-. (4 Coupons). McKay's,*