NATIONAL SAVINGS

Wairarapa Times-Age, 20 July 1940, Page 5

NATIONAL SAVINGS

RAISING FUNDS FOR WAR EXPENSES MINISTER DEFENDS BILL. GOODS AND PURCHASING POWER. (By Telegraph—Press Association.) WELLINGTON, This Day. “It is the money used for buying imported goods that can usefully be put into the Government’s scheme,” said the Minister of Finance, Mr Nash, when replying to the second reading debate on the National Savings Bill, in the House of Representatives. He was answering particularly allegations that the ■ Government’s taxation programme would reduce severely the purchasing power of the people, and in the course of his reply he made it clear that funds deposited under the Bill would go into the War Expenses Account. “It is not the shortage of goods being sent away that is the difficulty, but the shortage of goods that are not coming in,” Mr Nash continued. He said there ’ might be an accumulation in New Zealand within the next 12 months of goods that could not be sent away, but in 99 cases out of 100 people in the Dominion would have their full requirements of exporta ole goods. There were fewer imports, however, and money that would have been spent on them could well go to the savings scheme. In reply to a question by Mr Forbes (Opposition. Hurunui), as to whether the money was for the war, Mr Nash said that the funds would go into the War Expenses Account. It was not proposed to pay a higher rate of interest than would be paid on money raised by the Government for ordinary expenses in the normal way. "The scheme is completely voluntary” he added. “People will have an opportunity of saving not only to help win the war, but largely also for their own good.”