THRIFT OF THE PEOPLE

New Zealand Herald, Volume LXXV, Issue 23182, 31 October 1938, Page 10

THRIFT OF THE PEOPLE

The philosopher Thomas Hobbes described the life of man as "solitary, poor, nasty, brutish and short," and so it might have remained, a prey of famine, but for the vast advances in the last two or three centuries. One of the main agencies in this human advance has been the habit of thrift, a virtue having many expressions and bearing much good fruit. It is well that this ladder on which mankind has climbed should be remembered, as it will be in many countries to-day by the celebration of Thrift Day. What the founders have it in mind to encourage is the practice of individual saving, one that has served this country well in the past and should continue to do so in the future. A good deal is said nowadays about saving collectively, but until the soundness of collective schemes is proved and their security tested, individuals are likely to continue the established practice of putting aside something for themselves against the inevitable rainy day. As it is, about 900,000 people, or three out of every five, have accounts in the Post Office Savings Bank with over £58,000,000 to their credit. In addition the trustee savings banks serve 250,000 depositors commanding funds exceeding £12,500,000. The Auckland Savings Bank alone administers 187,000 deposit accounts credited with over £8,700,000. Other important thrift agencies include the life and industrial insurance associations, the building societies and friendly societies, whose annual incomes and accumulated funds make impressive totals. Thus the spirit of thrift is widely present in the community, exercising a stabilising influence in changing times.