Racing and Saving

Southland Times, Issue 24593, 15 November 1941, Page 6

Racing and Saving

pARNIVAL WEEK in Christchurch V ends today. On Tuesday the sum of £76,668/10/- went through the totalizator at Addington, and on the same day national savings deposits in Christchurch were £lBl—the lowest amount yet recorded in the city, and less than one-eighth of the daily quota. According to a statement by Mr W. Russell, national savings organizer, the weekly quota for Christchurch is £9313. The sums deposited on Monday and Tuesday represented only one-fifteenth of this amount. These figures are not conclusive evidence that money which normally would have been deposited in national savings accounts went through the totalizator instead. Christchurch has not once reached its weekly quota of £9313 since the flag campaign was opened a month ago. So far the lowest weekly figures are £3356, and the highest are £6428. But unless there has been a spectacular increase in the past few days it seems certain that Carnival Week will end badly for the national savings campaign. It will still be argued, perhaps, that fewer race meetings would not mean a large increase in the amounts lent to the State. But the comparison of figures made above justifies the assertion that a great deal of money is available for lending. Whether or not it could be diverted from selfish spending to national saving might have to depend on the vigour and imagination of Government publicity. .But the money is there, and a shamefully large part of it is being spent on pleasure. z The supporters of unlimited wartime racing will no doubt point out that the State benefits more from its “rake-off” in racecourse taxation than it can hope to benefit from borrowed money. But it benefits in a

bad way, for the psychological effects of this wide public indulgence must include a weakened sense of responsibility, a disinclination to make the sacrifices which are inevitable in war time. The advocates of racing as usual are inclined to overlook the fact that New Zealand’s record in national savings is still not a good one, and that it can scarcely improve to any serious extent while no attempt is made to restrict the rival attractions of the race meeting. When he spoke at'the Armistice Day service in Wellington Mr Leslie Lefeaux asked if “a reasonable proportion of our greatly increased national income” is being devoted to the war effort. “The raising of £1,000,000,000 sterling by means of small sums has been achieved in Great Britain, apart altogether from the big war loans,” he said. “The equivalent in New Zealand currency is £1,250,000,000, and on a per capita basis our proportionate contribution would be well over £40,000,000. Yet, although the record figure of £500,000 passed through the ‘tote’ on Labour weekend alone, the total raised by our national savings scheme is not much over £3,000,000 in over two years.” The plain truth of the matter is that saving and racing do not go well together: if we are to have more of one we must have less of the other.