Sir R. M. Kindersley, the energetic Chairman of the War
Savings Committee, points out that the small investor is in no way respon- sible for the temporary decline in the sale of War Bonds. The small investor contributed, on an average, £1.2,000,000 a month in the last quarter of 1917 towards the funds available for carrying on the war. For the first four months of 1918 he has contributed over £16,000,000 a month. During the five weeks ending with May 4th the receipts from small investments were nearly a fourth of the total subscription for Government securities, excluding Treasury Bills. Sir R. M. Kindersley says that, while in 1914 there were only 345,100 holders of Government securities, there are now 16,750,000, including 4,000,000 holders of Post Office Bonds and 10,500,000 holders of War Savings Certificates, besides the 13,000,00() Savings Bank depositors. The war will have conferred one great boon upon us if it inculcates the habit of saving. We have urged for many years past that the State might do much to encourage thrift if it would follow the French example, as it has now done, and make it easy for the humblest citizens to buy Government securities at any Post Office. Every concierge in Paris is a rentiere.
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