The Dominion. MONDAY, JANUARY 18, 1915. THE PEOPLE'S MONEY.

Dominion, Volume 8, Issue 2361, 18 January 1915, Page 4

The Dominion. MONDAY, JANUARY 18, 1915. THE PEOPLE'S MONEY.

The Post Office Savings returns for the December quarter of 1814, and for the whole year, which were published in Saturday's issue of The Dominion,, are decidedly 9 gratifying indications of national prosperity. For.tho last quarter of the year the excess of deposits over withdrawals showed a remarkably: large increase When compared with the figures for the corresponding' period of 1913, while for the whole twelve months the excess amounted to no less than £1,801,304, Which, establishes a record; in the history of the Savings Bank. . When it is borne in mind that during, fivemonths of the. period under review the British Empire has been engaged in the greatest War the world, has ever witnessed, the results shown in the return are astonishingly. good. No one but a most invincible optimist could have ventured to predict such a favourable, state o£'affairs in -such circumstances. The Post' Office Savings .Bank deals mainly with the earnings and: savings of the industrial classes—the wagccarnei's and people of comparatively small means; and the' large excess of deposits 6Ver withdrawals is,a reliable sign of public confidence and of a healthy position as far as the trades and industries of tho_ Dominion are concerned. It is an indication of general stability, and of a wholesome determination to go on with the ordinary business of the country in the ordinary way as_far as possible, and so far .experience has shown that it is \ possible to carry" on with almost •as much security and regularity. as in normal times, ;, •,

No part ol the British Empire is in a "uetter position to bear the strain of war than New Zealand. The Post Office Savings Bank figures emphasise the evidences- derived from other sources, that the rate of wages is being well maintained and that the Wheels of industry ,ar6 being kept moving almost at the same pace as when/the Empire was at peace.' The amount of unemployment is not' abnormal, thanks to the good sense and practical patriotism, of the employers of labour and the effective,measures taken by the Government to keep public works going as usual. The Government's efforts to deal with the situation caused by the shortage of wheat, and tHo ■ arrangements made to provide for the regular shipment of the country's produce have also assisted Very materially in avouting a check to New Zealand's prosperity. There was naturally a certain amount Of nervousness and uncei'Sainty at the commencement of the war, but the people soon settled down resolutely to face the ordeal. The nerves of industry were stead-, ied, and the community realised that the maintenance of business as usual was as nocessary for the successful conduct of the struggle as the raising and equipment of. an. Expeditionary Force. But it must / not be forgotten that our overseas trade' would have been paralysed, and the transport of our troops would have been a very difficult and dangerous matter had it not been for the overwhelming superiority of -.Britain's sea power. The British Navy is accomplishing the two-fold task of strangling the enemies' industries and commerce and keeping the ocean routes safe for the commerce of the British Empire. New Zealand has just brought a prosperous year to a close though, as we have already said, a desperate war- has been raging for five months of it. The outlook now is certainly far more encouraging than it was during the earlier stages' of the conflict when the Germans were, almost within striking distance of Paris. Since then the position of Britain and her Allies has been <greatl/ strengthened and the whole Empire benefits by tho improved outlook. There iB every reason to hopo that the industries and commerce of New .Zealand will be well maintained, and tho PeimeMinister was justified in making bis _ recent prediction that our exports in 1915 will exceed thoso of last year, notwithstanding the fact that the figures for last year were particularly good. Still, we must not shut our eyes to the fact that the end of the conflict is not yet in sight, and we should take all reasonable precautions to enable us to bear unflinchingly our-share of tha ftaia which a proldn/ted otrua* ;gl& would inevitably, entail '••.-.