National Savings Scheme Continues To Make Progress

Bay of Plenty Beacon, Volume 12, Issue 89, 1 September 1948, Page 5

National Savings Scheme Continues To Make Progress

In reviewing the progress of National Savings, Mr T. N. Smallwood, Chairman of the N.Z. National Savings Committee, stated that over £3,500,000 has been invested since April 1 last and that support was being given freely in both the North and South Islands. He mentioned that eight of the twenty postal districts had exceeded their annual objectives' for the current financial year and 175 of the 352 quota towns had beeh similarly successful. In commenting on the development of the group system of regular saving, Mr Smallwood said: “Of the ,10,000 new accounts opened during" the past four : and a half months; "6,000 1 were oh behalf of group savers and 180 new groups were formed. In the same period, the group income amounted to £300,000, which indicates that wage and salary earners are realising more* and more the valuer of saving 'regularly through the deduction from pay system permitted by most employers.” , .“Another revealing feature,” stated Mr Smallwood, “is that 531,000 National i Savings ' accounts have been opened since the\ scheme was Inaugurated in October 1940 and include 9,300 savings groups and 208,000 group depositors. At March 31 last the large sum of £36,000,000 remained .at the credit of National Savings depositors at the Post Office’ and Trustee Savings Banks. “In conclusion,” he said, “I Wish to express the thanks of the N.Z. National Savings Committee to all National savers and to employers for their support, and I trust that the movement will continue to grow both in the interests of the National economy and the individual savers.”