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Putaruru Press, Volume VIII, Issue 322, 16 January 1930, Page 1

The philosophy of Samuel Smiles and Benjamin Franklin does not commend itself to Dr. Harold F. Clank, Professor of Economics of the Teachers’ College, Columbia University (writes the London Spectator’s American correspondent). Professor Clark deplores “ thrift week ” campaigns and the .inculcation of thrift maxims in our schools. Such bits of outworn wisdom as ‘ a penny saved is a penny earned,” he declares, simply encourage hoarding, over-produc-tion in industry, and business depression. Americans have always been accounted “ good spenders,” and Professor Clark would have them spend more and save less. In this he is a good disciple of Mr. Henry Ford. And the American people appear to have been, taking the advice, for, as the American ' Bankers’ Association pointed but In a report which, by a coincidence, appeared on the same day as Professor Clark’s pronouncement, while the stock market was booming the nation’s savings, deposits were going down for the first time in twenty years. In the twelve months ended June 29 last year the -total; savings in the United Sates declined by 195,305,000 dollars, instead of increasing, as they had done in the previous year, by 2,300,000,000 dollars.