The war is teaching us to be a thrifty people.
This is clear from the report of the National War Savings Committee on its first year's work. Last June there were only 157 local Committees and 1,287 War Savings Associations in England and Wales ; by March the Committees had multiplied sevenfold and the Associations numbered over 26,500, nearly half of which were formed in January and February to promote the great War Loan. Thus the small investor, the rock on which our national prosperity should be based, is now lending much more than he ever did to the State. Whe'reas in 1915 he lent about £600,000 a week, in 1916 he lent £1,600,000 a week, and in the first two months of this year his total loans averaged £5,000,000 a week. Altogether, he had lent the State £118,179,000 to the end of last year, and the amount will be greatly increased this year. The habit of saving, once acquired, will not be lost. The Committee says that there are now between two and three millions of members in the War Savings Associations. That is a tremendous force on the side of thrift, invaluable while the war lasts and equally essential to the safety of the State when peace returns.
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