SAVINGS BANKS DEPOSITS

New Zealand Herald, Volume LXXV, Issue 23157, 1 October 1938, Page 19

SAVINGS BANKS DEPOSITS

Sir, —The Government and its Labour supporters are never done pointing to the great increase in the amount to credit of depositors in the Post Office Savings Bank during the past three years. They claim this as proof that Labour, by a better distribution of the wealth and incomes of the Dominion, is responsible, if not wholly, then mainly, for the growing deposits. This claim is sheer nonsense as will be seen when we examine the trend of affairs before Labour secured office. The Year Book shows that between March 31, 1934, and March 31, 1936, the last two years of the Forbes Government, the Post Office Savings Bank credits increased by no less than £8.046,000, proving clearly, so far as these statistics are a guide, that Now Zealand was then well out of the slump. No one will claim' that the previous Government was responsible for the increase shown in deposits during 1934-36, and so no one, with a logical mind, will claim that Labour has had any hand in the continued improvement since. A check-up on the fanciful claims mado by Ministers of the Crown that they have brought about a more equitable distribution of the production of this country would be a profitable occupation for some of the statistical minded members of the National Party, and would do a lot to show lip the palpable absurdity of these claims. v ;< < Accountant.