PEOPLE'S SAVINGS

Hawke's Bay Herald-Tribune, Issue 169, 4 August 1937, Page 9

PEOPLE'S SAVINGS

— Press Association.)

Labour Government Take6 Some Credit PREMJER GIVES FIGURES

(Bv Telegraph

WELLINGTON, Last Niglit. "I have to thank Hon. Adam Hamilton, leader of the National Party, for his tribute to the achievements of the Labour Government; and the new conditions of prosperity largely brought about by its policy," said the Prime M'inister, Bt. Hon. M. J, Savage, to-day, when commenting on the Opposition lcader's spcech at Palmerston Nortli on Monday niglit. "He shows some anxiety abont what he calls the new philosophy that sponding is better than saving, "The only differenco between the National Party and the Labour Government, as far as both the old and new philosophy is concerned, is that the Government believes in helping the people as a wholo to spend more and save more and also to have a little more for old age. People have saved and are saving more than at any time n the past eight years. "In the post offico savings banks alone the number'of dopositors in 1937 was 40,186 or 34 times as many as the number of now depositors in 1934. Since the dismissal of the Coalition Government in November, 1935, the gain in numbers has becn ' progressive, almost doubling in tho first year of the Labour Government. A similar increase in proportion to' the extent of business has been recorded by trustee savings banks. "Tho total savings in all savings banks have increased from £52,499,159 in 1933 to £70,545,663 this year. Since the restoration of the cuts in salaries and wages and the employment of " at least 20,000 more workers, the gain in the people 's savings has becn close on £10,000,000. In 1933 deposits for the year in the Post Office Savings Bank aggregated £16,933,176. In 1937 the annual total was £30,676,967, an increase of £13,743,791. '"At no period since the Labour Government came into offico have the withdrawals exceeded the deposits. In fact, the execess of deposits over withdrawals this year was £3,634,966. As for the necessity of 'having a little for our old age,' the Government 's proposed national superannuation fund will not only promote that end, but will encourage people to save."