A STATE THRIFT SCHEME

Evening Post, Volume CXI, Issue 36, 12 February 1931, Page 12

A STATE THRIFT SCHEME

(To the Editor.) Sir,r-I would like to compliment "H. M'G." on his initiative and courage in proposing a scheme such, as he mentioned ia his letter to this paper of the 10th February, 1931. A scheme for the relief and restoration of the -earthquake area, such as he suggests, is certainly worthy of support, and as one who has a first-hand knowledge; of State lotteries, the manner in which they are conducted, and the great benefit derived therefrom by charitable institutions, "I can only say that here we have a project that will net many thousands for the- immediate'relief of these sufferers. ■ The way the people o£ New (Zealand have responded so far and are continuing to contribute towards the .various relief funds is a loyal tribute to their generosity, and in view of this I fail to:see that a sweepstake organised for this expressed purpose would in auy way be detrimental to the funds already inaugurated, whilst, on the other hand, it would be the means of raising a vast sum of money at a time when monetary assistance is most essential.: ' ~ I feel sure such an undertaking would meet with a full measure of success, and I sincerely ho£e that 'this matter will be taken up by those capable of doing so and not! merely terminate in correspondence to the paper.—l am, etc., SUPPORTER. "Simon Simple" explains that the suggested prize list in his letter on Tuesday was wrongly stated. The table was intended to apply to a million 5s tickets, not £1,000,000 in tickets. For the latter sum the prize money (1 per cent, for ten years)/ would be £100,000, which would provide prizes four times the value, or four tunes as many prizes. „ The scheme is commended by fcret .Busy, who adds: "I think a further improvement might be made by arranging a distribution of profits as follows:—The net interest earned should be at least 5 per cent, and might be allocated as under: Vh per cent, of sum distributed periodically, 1 per cent, of sum to ba paid at maturity to holders of certificates; balance to be paid into a 'charitable purpose fund.' A scheme of this kind will give the Government the freo use of-a considerable sum of money, and there should not' be any reasonable grounds for objection to.it."