SAVINGS BANK MONEY

New Zealand Herald, Volume 82, Issue 25217, 1 June 1945, Page 6

SAVINGS BANK MONEY

TOTAL OYER £120,000,000 TRANSFERS TO LOAN URGED CP.A.) WELLINGTON, Thursday Savings bank credits show that most New Zealanders have a good nest egg of cash which they can readily obtain if the need arises. In the Post Office Savings Bank at the end of last February the impressive sum of over £109,000,000 stood to the credit of just over a million depositors. The trustee savings banks held deposits of over £12,000.000. This is a total of over £120.000,000 held at "call," and the National War Loan Council makes an appeal to savings bank depositors to lend at least some portion of this great capital accumulation for a definite period of two years so that it can help to finance New Zealand's war operations. The owners of these millions probably believe that the State can use them in any circumstance, but the actual position is that the money, although interest-bearing, can be withdrawn at any time. Savings bank depositors can help their country by authorising the transfer of part of their credit to a national savings account. Whatever sum is thus allocated will be a loan until June 30. 1947, when it will return to the "at call" category of the ordinary deposit. Tf it is convenient to lend for a longer term, the depositor can instruct the postmaster, or the manager of a trustee savings bank, to buy a specified amount of Victory Bonds repayable in five years. The third plan involves the purchase of long or short-term stock. The suggested transfer of savings bank money into national savings, or the other forms of war loan investment. involves no loss of interest if it tnkes_ place on June 1. The time for effective action to maintain continuity of interest is not later than Friday.