POST-WAR SAVINGS

Dominion, Volume 12, Issue 211, 31 May 1919, Page 7

POST-WAR SAVINGS

A COMMONWEALTH CAMPAIGN MONEY FOR REPATRIATION The ready response of the Australian • public; to the-war: sayings appeal from in" 1917''has induoed the Federal Ministry to continue the movu- • ment as a moans of raising money for repatriation purposes. The Ministry pro- • poses to' adopt a plan of campaign re- : sembling that.-pursued during" the war : years, but it is expected that tho expericneo of tho-past will enable the Federal - authorities' to' deviso moro'effective methods of • propaganda., ;and-to establish a more complete organisation.-' Tho forma-. :" tioii of war savings groups ha's been found the most cfrectivo nieana of promoting ■ tho .salo of'war saving;)'certificates', but . the organisation has hitherto been largely confined to the metropolitan area,, to. large centres' like Ballarat, Bendigo, , and ; Geelongj andi to a few of tho leading country to'wnk-'' -. '.'■"■ . 'The.Acting-Prime Minister,' Mr. : Watt,etate'd recently 'regarding the iiew".campaign that it had:been decided.to issue , two-new series of War Savings ■ Certificates, 1 bearing compound interest at the rate of £5 3s. pDv.cent.'perlannum. Tho .' old Series, which would now be discon-.

;; tinnedj carried interest at the rate of 4| per'cent, per annum.' As before, tho /, interest would not bo!.' subject to Com- '!.'. monwealth or -State income taxes.'..The .. new certificates would' be .of two kinds, ... one r of .them , maturing in five years from . the date of purchase, and the other in .ton .. years.''A'certificate forlthn shorter period \ would' cost. 155.. 6d;,.for the'longei;-.period ' 12s. Each of thesa crrtificj*t.M would bo ~ redeemed, by the .Commonwealth at ma- - ..turiiy for the 6'um o.f $1, thus .the purchaser -would .have earned.interest'of -Is. fid..or Bs.. as. the case .might be.' The in- . crease in.Hie rate of interest should, addV cd . prove attractive to ..many .- tliousanus of thrifty persons: .who.'desired.; ...to lay .by money-for a rainy day,, or for some other purpose." An important fea- . ture. of the new .scheme.was that . tfin

Government guaranteed repayment. at any time at the 'option of the purchaser. .Thus.. tho holder of War

Savings . .Certificates.. ' would net bodependent upon market, price. If repayment was required within twelve months of the date of purchase, no interest would bo. allowed, but, after that, interest would be paid nn a scale varying with Aβ length, of time, during; whicli tie nioney! had. remained in. 'the!, hands U>f the Government, The full rate.of <£!S Ss. per cent, per annum would'be paid only when.the. money.' had remained'in <;he Treasury for the full. period. Thp.se terms were. moro favourable Jth'a'n any , other ."available for. tlje. investment- of

■ email aums, and. could • confidently.. be recommended' to.'investors'. No person is permitted to hold certificates of the value of .uioro than' ,£IOOO. Tlierowere to.be certificates; for. £1, £o, and iIOOQ.. They were'-now on' Bale at .banks', arid.pgst. offices;-' The ' public should be reminded that-war obligations had .not,yet ended'.- Large sums of nioney ' were.' still. Teg'uired .for ''demobilisation and 'repatriation of soldiers. The Gov.ernment therefore appealed for" funds, and .believed that remembrance of the deeds of Australia's Mender's would result in the subscription "of sufficient money to enable the,men to bo housed, settled on the land,aiid in other ways To-established in civil life.. While it was hoped that this sense of gratitude would operate towards , -the - success of the new war savings .movement, business instincts were alao relied upon, there could be no doubt that the new scheme provided' a secure and profitable investment.: ' '■ ■'.' '•', A'feature of the new campaign will be the' more effective organisation -of the country districts by'means of district committees. ' These committees 'will be formed of leading citizens at each centre, to" whom" the task-of,'local organisation will be entrusted, j Tho new campaign will be launched-.Tinder more favourable conditions- for. .the small investor. ■ ■ . ■ The war savings niovement has been made a permanent-institution in Great Britain, where it- is regarded as the tnost-. beneficent find constructive, of all special , -organisation* that-.the war Jias' called into existence. It is. helping the community to provide by voluntary effort the money which the Government needs, anil it-is, &•■ tne stmw time, exercising an influence over the people • in- tho very desirable direction.of economy. Tn Australia the Federal council .and the State committees, established after the.. Prime. Minister's speech in. Sydney., in 1917 to ■control the way- savings ..movement.' based their organisation and propaganda, worlc on the lines found successful in Great Britain'. "Tn- less than two years close, on .£5,500,000. was. raised for lrtv purpose*, largelv from the "savings of wage earners. The sales of certificates for- the several States up to tlie end of April. 1919, were *as follow:— . State. ."' ' Total Tace Value. Victoria : Now South Wale 3 1,7.10,741 Queensland . 981.882 South Australia- ...;..... 7.11,483.' Western Australia 525,216 Tasmania -• -177,809

■ - : Total ...'. ..MMM, ' The total cash received amounted to &A2WU 15s.- " This gives the per capita nontributiou ■ of each of the States'as folloiTt---- ■•■■■• •■ ■ Per Head. ■ New South ' Wa1e5'...;.;....i 'JO 15; 10 V Victoria ..:...;.............: 1 2 10' '' Queensland .....'......« 3 ; i 9 South Australia' !........!}» 19 4 Western Australia .'.....i'. : ■ 19 6 Tasmania ...............v 1 11 9 The Federal Jfinistry. having determined to contimibTJie saviiigs~murement, so that the proceeds may-,be devoted to the .ill-important work of repatriation, appeals to every patriotic citizen to lend ...-to.-the-.campaign, lite loyal cooperation: The results-of-the campaign during the war years were euck as would have been deonieff impra'cticable in. pre-war years, and seemed to indioatothe "possibilities of patriotic work based on a eound principle ■of'cconomy, v "' '■''■■• ' .. ■