GROUP SCHEME

Waikato Times, Volume 127, Issue 21203, 28 August 1940, Page 13

GROUP SCHEME

SAVINGS FOR WAR AUSTRALIAN KEENNESS £206,000 A DAY (By Telegraph.—Special to Times) WELLINGTON, Tuesday A war savings certificates scheme inaugurated by the Australian Federal Government is proving the tremendous extent to which people on the lower income groups can assist in financing the Commonwealth’s war effort. Already 10,811 war savings groups have been formed, with a total membership of 832,500. A statement issued by the Australian Trade Commissioner in New Zealand, Mr C. E. Critchley, explains that it was originally proposed that an objective of £10,000,000 should be set, to be attained by June 30, 194 L But the sales campaign, inaugurated toward the end of May, met with such an immediate and widespread response that it was decided to raise the objective to £15,000,000. In under two months, more than two-thirds of that total was reached, purchases to the end of July having amounted approximately to £10,500,000—representing sales at the rate of about £206,000 a day since the campaign was officially opened. Group schemes for the purchase of War Savings Certificates sponsored by companies, institutions and other large employers of labour, have helped to swell the total materially. This form of voluntary financial sacrifice, which provides for the deduction of a certain amount each week from the pay envelopes of employees, is particularly valuable in that it means a direct contribution from current savings.