NATIONAL SAVINGS OVER 42 MILLIONS

Rotorua Morning Post, Issue 5283, 20 December 1946, Page 7

NATIONAL SAVINGS OVER 42 MILLIONS

The chairman of the New Zealand National Savings Committee, Mr. T, N. Small vmod, revealed to-day that National Savings investments have now passed .the £45, 000, 000 mark. This is comprised of £11,874,000 in bonds and £33,126,000 in investment accounts. The average holding has risen from £5 in 1941, to £67 in 1946. "It is just over six years since National Savings was introduced to New Zealand, and when it is considered that it is a system of small savings, the progress made must be regarded as extremely satisfactory," said Mr. S.mallwood. "We set as our target this year the sum of £6,000,000, ,but so ready has been the response that with less than nine months of the financial year elapsed already, £5,000,000 is in hand. There is every prospect that if investment continues at the same high rate, we shall finish the year exceeding our target by a very handsome margin. "From all parts of the country there is evidence of a k-een interest in national progress. The basis of National Savings has been the formation of group accounts in factories, offiees and wai;ehouses. Never before in the history of the movement has this work been progessing so satisfactorily. Throughout the war years, iiidividual accounts numbered twice the gro.np ones, but this year more group accounts have been opened than individual ones. So far this ye?v 65'05 group and 5989 individual accounts have been opened. "We are fmding in these post-war years, as was the case in the years immedi'ately following the first World War, that the economic stress and strain is if anything greater than during the war years. "For this reason," concluded Mr. Smallwood, "National Savings is a most important part of our national sconomy and I am confident that with ihe movement, it will continue to make a. vital eontribution to our national velfare."