£1000,000 A DAY

Bay of Plenty Beacon, Volume 2, Issue 156, 6 May 1940, Page 7

£1000,000 A DAY

SUBSCRIBED BY BRITONS FOR ONE HUNDRED DAYS One hundred million pounds in one hundred days has been voluntarily lent to the State by the people of Britain in response to the Government's appeal to "lend to defend the right to be free." The King, referring to this "remarkable result," said: "It is line example of the determination of my people to dedicate their energies and their resources to the winning of victory and peace." The investors were almost all "small men" —such as Avorkers in offices and factories —and -their total comprised. million in National Savings Certificates price 15s each., and £503:2 million in Defence Bonds of £5 each. In spite of this huge sum from the ordinary citizen's saA'ings* the total amount of deposits in the Post Office Savings Bank and the Trustee Savings Bank has risen, after alloAving for all AvithdraAvals, by £8,000,000 since war began. The State is also richer by an increase in the yield of taxation. Receipts in early March Avere already up by £110,000,000 for the financial year, and of this additional buttress to the nation's financial stability about £90,000,000 belongs to the Avar period. To maintain Avar supplies both for the SerA-ices and for export trade, the Ministry of Supply had ordered £1 10,000,000 Avorth of raw materials up to the end of the first six months of Avar, and are now spending at the rate, of £10,000.000 a day to keep industry fed Avith the sineAvs of war and OA-erscas trade.