SAVE THE PENNIES

Waipa Post, Volume 32, Issue 1926, 26 October 1926, Page 5

SAVE THE PENNIES

SAVINGS BANK'S PROPOSALS

With a view to inculcating thrift among the primary schoolchildren of Hamilton, arrangements 'have been completed' between the Auckland Education Board and the Auckland Savings Bank "whereby schocfi-chil-dren are J enabled to open accounts and make subsequent payments direct at the school attended. Thanks to the enthusiasm displayed by Mr H. Cracknell, secretary of the Whitiora School committee, the scheme is being inaugurated next week at the Whitiora School, and if the goodwill of the headmasters and teachers of the other schools in Hamilton can be obtained, facilities will be provided for the adoption of the scheme in every other school in the town. The scheme was explained to a meeting of representatives on Thursday afternoon by Mr T. N. Smallwood of the Auckland Savings Bank, who supplied full details. Mr Smajllwood said thaJt it was generally agreed that the inculcation of thrift was one of the urgent requirements pf the present time and the value of regular saving as a material factor in character buiding would be recognised apart from its intrinsic merits. The speaker produced various forms which would be supplied to pupilsJ, and'said these were required to be completed ;by the parents and returned to the school at which their children attended on any date appointed for the receipt of deposits. (Sums of one penny and upwards 1 , excluding half-pence, would be .received at the'school only, and interest would be allowed at the rate of 43. per cent, per annum on even pounds, calculated monthly (from thc.< seventh to the seventh) and credited after March 31 of each year. Withdrawals,' when necessary, couid be made by the depositor direct or by any written order at the, office of the.bank. The bank preserved the night to ask for the parents' consent in writing, before withdrawals were made.

Mr Smallwood !invited the warm 00-operaitiion of parents with the bank's efforts on behalf 'of the childjrqn, andl stated that no sum was too eimailll to be saved. The real value of the'scheme day in consistency, in providing the child with a definite amouirt to be deposited. i

Mr Smallwood said the scheme was inaugurated iin Auckland two months ago, and now .some 25 schools were contributing their quota of children's savings each week, and some £SOO had been deposited in the ;bank. He explained that the of collection would exceeti any "profits that might be made by about £6OO per annum, but as the bank had given large sums annually for various national objects the school saving scheme formed an additional contribution to the national welfare. There had been some objection by headmasters on accountof the time the opening of accounts wouM occupy themselves and their staffs), but he had assured them that once the account forms were fiJled in at the outset the average time occupied by -ejach teacher was not more than a quarter of an hour.

Mr Cracknell had kindly offered to act as receiving agent for any Hamilton school that adopted the scheme, and has undertaken to remit deposits to the bank in Auckland. Each child would be supplied with'a depositor's book, and the system of accounts was simplicity itself.

The School Committee representativels present expressed keen appreciation of the action of the bank in providing facilities for encouraging thrift among the children and all agreed that far too much money which might well be saved, was be-' ing spent to-day on sweets. Tlie offer by Cracknell was especially commended, and each representative present promised to do what he could to enlist the sympathy of the headmasters in the scheme. The Wh'itiora School Committee was congratulatd on being the first committee in Hamilton to adopt the system, and the enterprise shown' by Mr Cracknell and Mr F. W. Hare, headmaster of the Whitiora School, was the subjedt of appreciative comments —Times.