New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-06-24
England Gives Up
Two-Fifths of Income

In other words two-fifths of the average
earnings of every family in Great Britain
were devoted to that loan. No SUCH sum
was ever before available for investment
under normal conditions in Great Britain
or in anv other country. The result came
from, the united effort of millions Of people,
going without things they otherwise would
have bought.
Americas Liberty Loan has meant
monumental effort in the way OF MISSION
ary work. And yet, if the American peo-
ME were lending to their government IN the
same proportion of the national income
that England lent this year, the total Tor
America would be, not two billion dollar
Int fourteen billion dollar Liberty Loan
The problem of conserving the earnings
of people OF every class and position ana
especially the problem of creating an army
~ small investors. was first carefully con-
sidered by Great Britain in the autumn OF
1915. There had been, as | have pointed
ont only about 100000 subscribers to the
first war loan Of Sl,7500 600 900, issued III
November 1914. In January, 1917, 5000
COO subscribers took the third war loan
(the Victory Loan Of $5,COO,O0O,ooo.
In other words, after two and one-halr
wears of war, for every FIVE men at the
front there were eight people at nome
ready to hack them up with their money
To mt in another way what have already
said. if in proportion to population we had
had &C many subscribers as there we're to
the last British war loan, we should have
had 20 .OOO,O0 subscribers to the Liberty
Loan.
Our problem TO-DAY is the problem that
England faced two years ago: How shall
we teach every man, woman and child IN
the country to save and to become an in
vestor in the governments obligations!
A committee appointed by the Chancellor
of the Exchequer to study the question re-
ported in January, 1916, that two impor-
tant objects we're to be attained by the sue
cessful solution of the problem: first, the
reduction of general consumption, which
would tend to check the rise in prices; and,
second, the raising of a certain sum OF
money for the prosecution of the war. In
order to accomplish these results, the COM
n,ittee pointed out the need of certain
facilities to be placed within reach OF
everybody. These were: first, a simple
method of investing savings; second,
guarantee that the capital value OF the in
yestment would not .depreciate; third, the
ability TO withdraw savings az short no.
tice; and. fourth. the knowledge that as
high a rate OF interest would be paid on
the money of the small investor as on that
Of the large.
The recommendations of this committee
were adopted by the Chancellor Of the
Excheduer, and resulted in the appoint
ment of the National War Savings Com
mittee to carry on educational work; to
establish, on a large scale. voluntary war
savings associations for cooperative saw
ing and to devise. approve and supervise
various plans to promote and to safeguard
the financial soundness of investment
agencies and societies.
Up to March there had been formed in
England and Wales over 1850 local COM
mittees for educational work and organiza-
ton. More than $4,000 war savings asso-