NOVEL SAVING SYSTEM.
(Received 11.45) LONDON, Sept. 14. The Birmingham Corporation has in augurated the first Municipal SavingsBank. The scheme was devised by Mr Neville Chamberlain. Worlemen empower their employers to pay a portion of their weekly wages in coupons which are affixed to their bank books It is believed this coupon system will induce many to save who hitherto were induced to spend money irresistibly. The municipality, guarantees the principal and three and a half per cent interest. The money is Avithdrawable on a week’s notice. One hundred and twenty firms, employing 45,000. hands, are co-operating.
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Bibliographic details
Taihape Daily Times, Issue 160, 15 September 1916, Page 5
Word Count
97NOVEL SAVING SYSTEM. Taihape Daily Times, Issue 160, 15 September 1916, Page 5
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