National Savings Well Above Target For Year: Over £7,000,000 Banked

Bay of Plenty Beacon, Volume 12, Issue 34, 2 April 1948, Page 7

National Savings Well Above Target For Year: Over £7,000,000 Banked

Today Mr T. N. Smallwood, Chairman of the New Zealand National Savings Committee, revealed that the National Savings receipts from Apyil 1, 1947, to January 15, 1948, totalled over £7,100,000, which is 100,000 above the target set at the beginning of the financial year.

“This is a remarkable achievement,” said Mr Smallwood, “when it is considered that this total is £1,500,000 in advance of that received in the same period last year, and emphasises the great progress made by National Savings and clearly indicates its popularity. “The total invested in National Savings since the inception of the scheme nearly seven and a half years ago is approximately £54,589,045 which is made up of 12,506,338 from the sale of Bonds and £42,082,707 deposited in investment accounts. This latter figure is spread over approximately 520,476 National Savers and represents an aggregate of £BO investment in each account.” “The enthusiasm displayed in all districts,” continued Mr Smallwood, “has made this period a record one, the average weekly receipts to National Savings for the 41 weeks being £173,170. Also 330 out of a possible 352 local annual quotas have been achieved as against 301 for the whole of the preceding year. “Another encouraging feature is that 20,288 new group and individual accounts have been opened since April 1, in comparison with 14,772 at the same date in the previous financial year. The strong support accorded this popular thrift movement is much appreciated,” concluded Mr Smallwood, “and we look forward to further records being established in the coming year.”