The review. [volume] (High Point, N.C.) 1908-19??, 1917-06-28
Wartime Saving.
How Great Britain Has Handled the
Problem and the Results AC-
.rt... COmpliShed.

@ COmpliShed.
Address of Thomas NJ. Lamont of New
York, ]. =. Morgan & Co, before New York
State Bankers Association, Lake Placid, N =,
June d. 1911
Wartime Saving: The reason |
have chosen this subject is that the
winning of the war depends to an
extraordinary degree upon whether
the country goes to work at once
to handle this problem effectively.
To England's first war loan of
billion and three-quarter dollars ip
November, 1914, there were only
100000 subscribers. To her last
great victory loan of $1,000, 600, 900,
early this year, there were eight mil
lion subscribers. What was it caused
this tremendous increase in national
interest, this wonderful financial sup
port from every part of the nation
in the prosecution of the war? 1t
was thrift, the habit of saving and
investing; habit formed by whole
people, working with one definite
end in view.
Now we are in the war, and now
we in America must determine
whether, during the coming months
and years of the conflict, our gov
eminent is destined to have the
whoIehearted and enthusiastic sup
port of the nation. The question |
regard as the most pressing one be-
fore US today. And because it is so,
| esteem il special privilege to
speak to you at this time, for you
here represent the thrift and pros
perity of the great Empire State Of
New York. You here are in posi-
ton to take the initiative in a move
ment to establish thrift and saving
upon a scientific basis in New York
State, just as it has been established
in Great Britain. And the whole ma
ton must follow suit, if we are to
render real support to the govern
ment in it's prosecution of the war.
Bonar Law, chancellor of the ex-
chequer, recently announced in the
House of Commons that the British
governments average daily expendi-
ture during April and May was ap-
proximately 39H millions of dollars.
This is an increase of more than
three fold, as compared with the
daily average of about IL million
dollars i'm the first year of the war.
AS you know the expenditures OF
Great Britain and her allies, for the
purchase of all kinds Of supplies in
the United States are enormous
Americas exports to the allied cOun-
tries during the nine months ending
March 81, 1917, amounting to So )
576,OOO,OOO, or an increase of ST.:
34OOO0,00O over the corresponding
period of the previous year. This is
daily average of over S13, 1000
for the nine months. Of course credit
has had to be extended in large
measure for these purchases.
HUGE EXPENDITURES TO FACE.
Americas financial resources art
now called upon to provide not only
for the expenditures of the allies il
this country, but also for funds t.
be expended by our own govern
ment, probably at the rate, of $40,
100000 to $12,0OO,OOO per day. il
raising, equipping and maintaining
eur military forces. 1t is easier fo
us to appreciate the plain fact tina
the United States government is 90
ing to require great sums of none,
than it is for us to comprehend
those sums, expressed in billions O
dollars.
The subscription books of the So
O0O,OOO,OOO liberty loan were close
a week ago. The figures indicatin
the total number of subscribers ar
not yet available, but we know the
they have been nothing like as NJ
merous as they must be in the fu
ture. We are we'll aware that tn
liberty loan is only the first of tn
issues which the government mus
bring out in order to meet our iL
creasing war expenditures. And
we are to float successfully thes
successive issues, all the people mu:
invest on heavy scale, just as the
have in Great Britain and France
The people of England subscribed I
the victory loan last January abol
4O per cent of their combined al
nual income. In other words, tw
htths OF the average earnings of e,
cry family in Great Britain were d