The Guardian (And Evening star,with which is in-Corporate the west coast Times.) FRIDAY, JULY 20th. 1923 THRIFT

Hokitika Guardian, 20 July 1923, Page 2

The Guardian (And Evening star,with which is inCorporate the west coast Times.) FRIDAY, JULY 20th. 1923 THRIFT

The excess, not to say extravagance, in regard to all kinds of public and private expenditure over the war period has necessitated a dose investigation of finance in many directions. Governments have had to resort to so-called “economics.” which actually amount to more reasonable and not excessive expenditure.' The private individual, doubtless has had to take similar stock of his finance and he more discreet. -Actually the whole world imcanie rather thriftless during the war period. The titanic struggle had to lie contested at all costs, and no monetary outpouring was considered too great a price to pay if victory were to bo assured. This reckless spirit pervaded individuals as well as nations, but a reaction is now taking place. According to an English publication a national savings movement is in progress in Great Britain. The papers says that convened with the object of arousing t.ho interest of public men and principals of commercial undertakings in the National Savings Movement, which hns developed from the War Savings Movement, the well attended meeting at the Mansion House in Tsmdon recently, should inaugurate a marked extension of post-war thrift in the city itself. The Lord Mayor presided, and in addition to the lit. Hon. L. Cl. M. S. Amery, First I-ortl of the Admiralty, who deputized for the Chancellor of the Exchequer, who was unable to address the meeting owing to Parliamentary duties, I)r. Walter Leaf, lord Islington (Chairman of the National Savings Committee), and the Hon. Geoffrey Hope Morlcy, more than, two dozen mayors of London Boroughs were on the platform together with prminent bankers and commercial men. The object of the National Savings Movement is not only to educate all classes as to the importance to national welfare of tho right use of wealth, hut to provide facilties for saving by tlie small investor, and the fact, as the lord Mayor pointed out, that tho returns showed receipts for certificates to approximate to £1,000,000 a week, demonstrates tho brilliant success that has attended the movement. There can be no question, but that the main task before the nation for a long time to come is that of making good by effort and by saving the enormous waste of four years of war. In this respect national saving is equally, if not more, important than the reduction of expenditure by the Government, for its operation will increase the social welfare and contentment of the whole community, not by the abolition of capital, but by the multiplication of capital in os many hands as possible. It was for this reason thk-t Air Antery appealed to encourage and support the movement. Another important fact which his vigorous and lucid speech revealed was that the only way in which Britain can get rid of the vast burden of debt at Home was by accumulating fresh savings from new production, thus creating an equivalent volume of productive living capital to balance the dead capital represented in the debt.

In regard to the heavy foreign debt, the only way in which it can bo met is by an excess of exports over imports, the margin of which would provide a fund for the annual payment on the burden Britain has definitely assumed. As a testimony to the real existence in England of the spirit of thrift and of a desire to save, the remarkable fact was mentioned that of £188,000,000 subscribed in cash to National Savings, more than half had been subscribed since the Armistice, while during the last three years, less tnan 27 per cent, of the securities—which are easily withdrawable—luid been withdrawn. It would be well wore the national savings movement to become Empire-wide.