Thrift * * * * Mr. Snowden, in his speech
welcoming the delegates to the International Thrift Congress at Burlington Gardens on Tuesday, reviewed the progress of saving in Great Britain since the War. It is encouraging to hear that, in spite of the instahnent plan (known to the wise as the " glad-and-sorry " system), the deposits in trustee savings banks and Post-Office savings banks have in- creased steadily, as have . the funds accumulated by building societies and National Savings Certificates.
The Chancellor of the Exchequer pointed out that saving , is not hoarding, but one of the best forms of spending, and he has, we hope, given a_further stimulus to the habit. The total volume of savings in Great Britain, when the changed value of. money is taken into account, is less than before the War, and the need for saving is greater. We hope that this speech will dispel the idea, which has been gaining currency, that any form of consumption helps the state of industry. It may do exactly the reverse, and we are grateful to Mr. Snowden for having stated this so plainly. * * * *
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