The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1918-10-17
AMERICA STANDS
FIRST IN THRIFT

rrom = mace a. the foot Of the isl
,sa nation Of savers at the hes 'hnlhs
D, the great war, the iaClr ana ~
,,es nov ohiainable indicate thAt
cas-, going, pleasure-loNins America
will emerge from the great sttuss'e
holainp hrst place Ia the thrht con
fest The assertion is made on the
authority of Milton W Harrison sec
Rotary OF the savings bank section u
the American Bankers Association
The exIgencies OF war have laid
hare the resources and economic pos
sIhilIties of all the nations, he says
since al the bottom Of all efforts to
raise money by loans or taxation hes
the essential factor OF the aDlilty oi
the people TO save.
Switzerland has always been point
ed out by economic writer's as leading
the nations as saver. Next 10
Switzerland these writers have placed
Denmark. Norway. Sweden, Belgium.
France. Netherlands, Germany, ana
Grea, Britain, the United States oc-
cupying a place at the foot OF the list
with percentage OF only IL. on
the face OF recent calculations TINS
percentage is obviously incorrect.
The only fair comparison which can
be made in order to determine the
potential savings ability OF the world
is to take the figures OF France, Great
Britain. the United States and Ger.
many, Mr. Harrison says. Not until
these countries were faced with the
supreme tests of the great war were
they able to determine the extent OF
their respective resources. Or
course. America had the greatest
opportunity OF all to build a nrm
financial foundation at the obvious
expense of the other three
nations while 1t was neutral
nation, he is careful to point out, ana
this has proved immensely valuable
to the allied cause. Excess capital
and gold were forced to the United
States creating a reserve which at
present Is being most advantageously
used in the prosecution OF the war
Counting as savings not only the
money deposited in banks but also
that invested in various enterprises
for the development of industries, the
large amount absorbed by insurance
companies and other such agencies,
the normal savings OF Great Britain
have been estimated at $1,000, O0O,O 600
per annum while those OF the United
States are placed at s6,50O,O0O,O0O
Before the war France was charac-
terized as nation of bond buyers.
Great Britain as a nation OF stock
holders. Germany as a nation OF saw
ings bank depositors, and America as
a nation of life insurance policy hold
ers Still the amount of actual saw
ings. including time certificates OF de-
post in the $4,000 banks OF the United
States total something over $1,000
100000 in 26.500000 accounts. The
amout of such deposits in England is
$3.50 900 900 in 16,500,000 accounts;
in France. 81 900 100000 in 15,000,00o
accounts. while in Germany the
amount OF savings is $6,00O,O0O,00 in
$4,000, 900 accounts which is less than
that OF America by $1,50O,0O0.
The way in which Great Britain,
France, America and Germany have
absorbed war loan after war loan is
excellent evidence OF national savings
ability, Mr.. Harrison says, and the
United States topnotches them all.
An estimate OF 25 million holders or
American Government securities Is
fairly conservative, allowing for du-
plications. he says.
With the intensive efforts now be-
Ing made to urge the people to re-
duce consumption and increase pro-
duction. there should be saving
this year that will almost equal the
proposed total expenditures for war
which Secretary McAdoo estimates at
$24.000,0O0,000
America has the wealth. the re-
sources, the ability. and the inclina-
ton, which is more than all, to sue
cessfully and properly finance the
war out OF savings. Mr.. Harrison
says
This is most reassuring and pre-
sents the new issue Of Liberty Loan
bonds, the Fighting Fourth, in the
light OF an opportunity not only TO
help finance the war and push 1t
through to completion but as pro-
lection and money saving opportunity
a. tnn ;nd,ytdual nurahpserc