South Bend news-times. (South Bend, Ind.) 1913-1938, 1917-06-03
SMALL INVESTOR
AIDS BRITAIN
He Has Contributed 875 Mil
lions to England'S War
Fund, Figures Show.

LONDON, June AT the com
mencement of the war the need Of
encouraging the man Of small
means to help the state by investing
all that he could spare, after domes-
tic necessities had been provided,
was overlooked. or perhaps had not
become apparent In fact, the con-
nict had been in progress consider
ably more than a year before the
of thrift among the
wage earning classes seemed to be
fully realized. although a good deal
of useful propaganda work was
accomplished during the early
months Of 1915, and especially while
the subscription list of the AZ per-
cent war loan was open.
IN November. 1915, the then
Chancellor of the Exchequer ap-
pointed a committee on war loans
for the small investor. and the re-
port of this body resulted in the for
nation OF two war savings commit
tees. one organizing and the other
advisory, which were subsequently
amalgamated under the title of the
national war savings committee.
Two separate and specific objects
were kept in view-the reduction of
general consumption, which would
tend TO check the rise in prices, and
the raising of a certain amount of
money for the prosecution of the
war. The needs of the small inves-
tor were considered to be: A simple
method Of investing savings; a guar
antee that the capital value of the
investments would not depreciate;
the ability to withdraw savings at
short notice. and the knowledge
that as high a rate of interest was
paid on the money of the small in
weston as on that of the large.
The committee made a success
full endeavor to meet these require
ments, and its report shows that
the organization has fully justified its
existence It's activities have been
confined TO England and up to
March / of the current year LOO
local committees had come into exis-
tence. and affiliated with them
were = o. 0NU " az ccNN A4i7o cies'ONAcA
lions. A large proportion of these
were established in January and
February of the present year, in
consequence of the issue of what
proved to be the record war loan.
Withdrawals at First
During the first five months Of
the war small investors were with
drawing from the state more than
they were depositing. That might
be explained by the social dispute
tude inevitably attending the out
break of the conflict, or actual ne
cessities before war work brought
about a great expansion of industry
and demand for labor In the
twelve months from January to De-
cember, 1915. the amount contrib
uted by the small investor averaged
100000 weekly, while during the
year 1915 the rate of deposit in
creased to f1.6OOO0O a week, the
rate of accumulation showing 4
marked increase from the month
of July onward. From August,
1914. to December, 1916, the total
contribution Of the small investor
was f132,43S,O0O, and in the first
two months of the present year,
when the new war loan was aVaila
Bile. the figure was not less than
E4O,OOO,OOO.
Although the total may not seem
large when the cost of the war is
considered and account is taken OF
the high remuneration of the wage
carriers. il is really a considerable
achievement on soil which could
not be described as exceptionally
fertile. The war savings certificate,
bv which a sum of 15s. cd. becomes
2Os. at the end Of five years, has be-
come a very popular medium of
saving. because it is the instrument
which completely fulfills the ad
mitted necessities of the small in
weston in the way of security Of cap
ital. good interest, repayment at
short notice is desired, and simplici-
". Up to the end of December last
single units Of 15s. Cd. each TO the
number Of nearly 100000 had
been sold, and the volume has since
been immensely increased. The Sc
curitv has found favor in Canada,
and might perhaps be tried with
advantage in other belligerent coun-