SCHOOL SAVINGS

Wairarapa Times-Age, 9 June 1941, Page 6

SCHOOL SAVINGS

USE FOR WAR PURPOSES. RIGHT OF WITHDRAWAL RETAINED. In accordance with the decision of the National Savings Committee, all amounts, in future, paid into the Schools Saving Scheme will be invested by the Post Office in securities issued from the War Savings Account. This will mean that the funds will be directly applied to war purposes but the present right of withdrawal by scholars will continue. The new reheme applies only to savings received after April 30, 1941; savings already received will not be reinvested in war securities. The Schools Savings Scheme at present in operation will remain unchanged and deposits may be made and' withdrawn as in the past. It is hoped, however, that as the moneys are to be applied towards winning the war, deposits will be increased and withdrawals reduced to a minimum. Any child may have a Schools Savings Account as well as a National Savings Account. The former will be operated through the child’s school as at present but in respect to the latter deposits will require to bo made at a post office and no withdrawal will be allowed until June 30, 1945. In a circular on this matter to the head teachers of primary schools, the Director of Accounts states: “The development of thrift is well recognised as being of the utmost importance in the formation of character and with the goodwill and assistance of headmasters and teachers the School Savings movement has performed valuable service in this matter. As the war continues. a double purpose will be served by school savings, for not only will they continue to develop sound principles for future citizenship but they will also be of material assistance and benefit to the country in this time of need.”