Urging employers to buy savings certificates in bulk for resale to their employees at weekly payments, Lord Mottistone said experience throughout the country had shown that employees in many cases were only too anxious to play their part if their employers provided facilities to enable them to contribute to the fight for freedom.
Mr. Maynard Keynes had suggested that those who benefited by increased profits and wages should in certain circumstances be compelled to subscribe towards the cost of the war. This, Mr. Keynes argued, would check the "vicious spiral" of rising prices and rising wages, with wages tending to lag behind prices. I agree, said Lord Mottistone, that if you lend part of your savings to the State you tend to arrest the vicious spiral.' But I differ from him when he says that saving should be made compulsory. The taxes are compulsory, but they fall unequally on different families, and if you were also to make saving compulsory you would to my mind be doing an unfair thing."
Save or Spend Were we to save or spend? The Chancellor of the Exchequer seemed to say one thing and Sir Samuel Hoare another. He found no difficulty in the dilemma. At this season, for example, he would say go on giving the presents you can afford, but let some of them be National Savings Certificates, As for spending, that grand organ of public opinion the "Manchester Guardian."—"which has always supported me"—(laughter)—had said we Ought not buy a thing if we did not badly need it, especially if it could be used for export, and above all we ought not to buy anything that took up much cargo space. So you could buy your wife a new frock and a new hat—[A Voice: They will not take up much space. (Laughter)]—"but instead of luxuries buy savings certificates."
Savings certificates were a first charge on our national resources—the safest investment in the world, He understood that in giving public assistance some allowance was now made in respect of savings certificates. He could not say how far the principle of making allowance could be extended, but he was in consultation with Dod Chancellor of the Exchequer on the subject, and it wi be borne in mind." btb Paris Bourse Paris, Feb, 12.
The unanimous vote of confidence in the Government passed by the Chamber of Deputies yesterday caused the market to open steady. the Bourse today.
During the session, prices lost ground owing to lack of trading but nevertheless closed at better levels than yesterday.—Havas. ce
Text read from the printed page and cleaned; old type leaves the occasional error.