Whakatane Has Now Passed National Savings Quota

Bay of Plenty Beacon, Volume 13, Issue 19, 12 November 1948, Page 5

Whakatane Has Now Passed National Savings Quota

By the end of October the Whakatane national savings district reach■ed and passed its required annual -quota of £11,128, a Beacon reporter was told by the postmaster, Mr S. > W. Hills. This was a great effort, the total being obtained in six months from April, the start of the financial year. Up to last week the total reached : so far was £16,166, comparing very -favourably with other centres and . previous years. Mr Hills said that, while there - were a large number of saving ac- - counts, he would like to see a lot more. “Our aim is to have an account in every business house. At present -we cannot organise anything be- - cause of the shortage of staff.” National savings, he added, was the ideal way of saving. Compound interest was obtained and it really 'turned into a good investment'. : Proof of the fact that people realised the value of national savings - could be gleaned from the total in- - vested in New ‘Zealand. In the first six months of this ‘financial year £5,000,000 was collected; £200,000 more than the quota ■set for the whole year. In addition ,19 of the 20 postal districts had reached their year’s objectives and • 240 of the 352 quotas allotted to "towns had been exceeded. Since last April 13,000 new national savings accounts have been -opened, making 535,000 since national savings was introduced in October 1940. Including the sale of bearer bonds and deposits to accounts over £60,000,000 has been in- - vested during a period of. seven years.