PROVISION FOR OLD AGE.

Temuka Leader, Issue 2209, 2 June 1891, Page 3

PROVISION FOR OLD AGE.

In a recent speech at Portsmouth the Bight Hon. J. Chamberlain said” I find that of all the old people in the United Kingdom above the age of 60, rich and poor alike, one in seven is at the present moment in receipt of parish relief, Well, you understand that that accounts for a large portion of the vast sum—eight or nine millions a year—•annually expended in poor-law administration; and to my mind it is a deplorable thing that so large a part of our industrial population in their declining years should find themselves compelled to have recourse to the poor law for their subsistence. It seems to me so important to prevent it that I desired the intervention of the Government the other day. I propose that the Government should allow every post office in the kingdom to open accounts tor the purpose of snperanuatien; I propose that .any man or woman at any time slionld Ibo able to go to the post office and open an account, either by a small payment, or a larger payment, by periodical payments at short intervals, or payment of lump sums if more, convenient. It may be so much a week, or, if he finds that inconvenient, ho -might put in 10s to-day and £1 a year hence, or £1 in six months afterwards. ' Everything he puts in remains at interest until he reaches 64, and then, and then only, it may be withdrawn in the shape of a fixed annuity for tke rest of his life. (Cheers). There will be no possible forfeiture of policy. The man who puts this, money in will receive (for that is part of my proposal) 6 per cent compound interest—double the rate the Government now allow on ordinary savings hank deposits—-with withdrawal at any time. At any rate here is a practical proposal, which 1 believe may be realised, provided that it had the foil support and the cordial support of the working classes of this country.”