£5 MILLIONS IN SIX MONTHSNATIONAL SAVINGS

Grey River Argus, 16 November 1948, Page 4

£5 MILLIONS IN SIX MONTHS—NATIONAL SAVINGS

WELLINGTON. Nov. 15. The sum of £5,000,000 in s.x months is considered to be a highlight in National Savings by the Chairman of the New Zealand National Saving Committee. Mr T. N. Smallwood, in a review of operations. “This is £200,000 more than my Committee had set as a quota for the whole year,” he said. “Nineteen of the twenty postal districts have reached their year’s objectives and 240 of the 352 quotas • allotted to towns have been exceeded. Since April 1, last, 13,000 new National Savings Accounts have been o'peneu making 535,00 (group and individual accounts) since National Savings was introduced in October, 1940. Through the 9,500 National Savings groups formed with over 210,000 week oy week regular depositors the savings from this source alone now exceed £1,000,000 annually. Including tne sale of National Savings three per cent, five-year bearer bonds and deposits tn National Savings Accounts over £60,000,000 has been invested over a period of seven years. National Savings Bond sales still average £50,000 monthly.” Mr Smallwood expressed the hope that holders of maturing Bonds would re-invest the redemption values in further five-year Bonds or deposits the amounts in three per cent. National Savings Accounts to become repayable on June 30, 1931--in less than three years time, and that the community will, continue to save and invest in National Savings, Post Office and Trustee Savings Banks, and in the current Tap’ Government loan for two particular reasons —personal profit and .[National progress. All real wealth comes from work and savings.