12 MARCH 1932, Page 46


In an address recently delivered to the Edinburgh and Midlothian Local Savings Committees Sir Alexander Wright, the General Manager of the Royal Bank Of Scotland, made some very pertinent observations with regard to the contribu- tion made by the thrifty portion of the community to the security and stability of the State. He showed that the amount in National Savings Certificates at the end of last ....Continurd

Financial Notes

(Continued front page 396.)

• year was something like £376,000,000, while if ou tstandhig interest were added the total was well over 1500,000,000, or very little short of the whole of the National Debt previous to the War. Moreover, the significance of the figures gains in importance by the fact that a very large proportion of the amount now in Savings Certificates represents holdings by those who previously had not been directly investors in Government Securities. Incidentally, Sir Alexander's address gained in importance by the fact that he was a pioneer in furthering the sales of Savings Certificates north of the