NOT DOWN AND OUT

Evening Post, Volume CVIII, Issue 151, 23 December 1929, Page 10

NOT DOWN AND OUT

THE ENGLAND OF TO-DAY

SAVINGS OF THE PEOPLE

(From s "The Post's" Representative.) LONDON, 18th October. "To those who say that this old country is down and out I reply, 'Look at the figures of the National Savings Movement.' "

Mr. J. H. Thomas, Lord Privy Seal, in tliis mancer, at a luncheon given by the Lord Mayor to members of the London Region Conference of the National Savings Movement, drew attention to the fact that the sale of National Savings certificates continues at the rate of over 1,000,000 a week. An examination of the figures of national savings of all descriptions, he added, clearly demonstrated that the idea that a handful of capitalists dominated this country was exploded. That was why the Government was grateful to' them for their work.

Major-General Seely mentioned that up to two days ago the sale of savings certificates continued at tiie rate of 1,000,000 a week, and was increasing. The figures for all the savings institutions in the country showed that the less well-to-do portions of the population owned £1,888,000,000, which worked out at £44 per head of the population, or £200 per family. Through the agency of the National Savings Movement a great proportion of the people now owned the houses in which they lived. In the case of Swindon, well over half the population lived in houses that they owned, largely due in the first instance to the taking up of National Savings Certificates.

"There is no short cut, or artificial means, to prosperity," declared Mr. Thomas. "This nation's foundation was built upon our ability to sell our goods to the world, and any artificial attempts to solve the unemployment problem must fail unless they keep that fact in sight. This great National Savings Movement enables us in a hundred and one ways to get on with our job."

"X. suppose that everyone will realise my difficulties as a Labour Minister in addressing an essentially capitalist gathering. There will be the usual placards indicating that 'Thomas has gone over to the enemy.' But I am unrepentant. I believe this is a gathering to which the Government and the nation are entitled to say, '"We honour you, and we wish you God-speed in your work.' It is fashionable to join, in a general condemnation of everything associated with the war. Fortunately, this gathering is in the happy position of being able to say, 'Here at least is a war product worthy of preserving.' But if it were necessary in the stress and turmoil of war to encourage national savings, it is doubly necessary today, when the bill must be met.

"Notwithstanding all that people may read of our trials and difficulties, no other ten nations in the world combined can show for the year ending March last a sale of 53,000,000 savings certificates, representing £41,000,000 sterling, and a total amount, through the medium of savings certificates, of £496,000,000. Whatever these figures may be in millions, boiled down in actual practice is the fact that there are millions of homes in this country where the housewife, with all her trials and difficulties, is consoled with the knowledge that when the troublesome days come she has a little something that often the old man knows nothing about." ■

Bemarking that he did not know whether a Labour Lord Privy Seal would propose a similar toast next year, Mr. Thomas added: "I am afraid I am suffering for my title. Not very many days after I took office I took a taxi to the Treasury. As I opened the door an attendant rushed out and said, 'All right, my lord.' Fortunately, the taxidriver knew me, and said, 'Lord be damned; it's Jimmy Thomas.' "