NATIONAL SAVINGS

Bay of Plenty Beacon, Volume 08, Issue 88, 10 July 1945, Page 2

NATIONAL SAVINGS

FIRST REPAYMENT DUE INFORMATION FOR INVESTORS In a statement released recently ? Mr T. N. Sin all wood Chairman ol the N.Z. National Savings Committee gave full details relating to National Savings deposits falling due for repayment on June 30. "The money yvhieli yvill actually be due for repayment," said Mr Small wood "is all money invested in National Savings accounts up to the 30th June, -194.3, together yvith accrued interest up to the 30th June this year. "Under the National Savings Act investors are given, the following options:— (a) Withdrawing the money the whole or any portion. (b) Transferring the whole or part to a Post Office Savings Bank or to a Trustee Savings Bank Account. (c) Reinvesting at 3 per cent for a further two years to 30th June, 1947. (d) Take no action, when. the money yvill continue to be invested at 3 per cent for a further year to 30th June 194(5. (e) Exercise any combination of the foregoing options. "Special forms for yvithdrawal or for transfer and reinvestment are available at Post Offices and Trustee! Savings Banks. "I particularly wis.li to emphasise" added Mr Smallwood j "that depositors do not have to exercise their option on the 30tli June, but can do so. at any time up to the 30th September. "This statement yvill be supplemented by the issue of a householder circular yvhich will also be distributed to Group depositors in factories shops and and in addition be available on the counters of Post Offices and Trustee Savings Banks,

"To overcome staff shortages and reap the maximum advantages oi mechanical book-keeping applian<ces," continued Mr Smallwood ) "all National Savings Accounts other than those oi' course, held by Trustee Banks are centralised with the Post Office in Wellington. As these withdrawal applications will thus require to be forwarded to Wellington a slight delay may occur but the' P*ost Office will deal with all applications in its usual efficient and expeditious manner.

"I should like to place before depositors one further matter," concluded Mr Smallwood. "Their money will be available at the end of the month but, which is the best course to pursue? We have just concluded a War Loan Campaign, which, besides balancing the War Expenses Account reduced the amount of money in circulation and helped, to bring the total volume of money j nearer to the value of the rcduced supplies of goods and services available. To withdraw National Savings deposits now falling due and put that money into circulation, would, besides greatly aggravating intlationary tendencies, to a large extent undo all the excellent, work performed by the War Loan Committees in tlie past few weeks. "I therefore appeal to National Savings investors that where there is no essential need to utilise these savings the best course in their own and their country's interest, is to let their savings continue to earn 3 per cent. in. New Zealand's finest investment,"