EASY INVESTMENTS FOR WORKING MEN.
[To TUB EDITOR Or TIM "SPECTATOR."] SIR,—I beg to put forward a suggestion which, if put into some concrete form by wiser heads than mine, I venture to say would lead to greater stability of character at home than many of the so-called " social reforms " now advocated by statesmen. At present good wages are being earned by most classes ; even the miners do not complain; and a very large class of small shopkeepers, clerks, and foremen could save money if there were any easy way of investing the savings. Theoretically there is but one security a Briton at least should invest in, and that is Consols ; but the Government have hedged the obtaining of Consols with so many restrictions that it is practically impossible for a small investor to buy them. The case is the exact opposite in France; the French " Rentes" are hold by the people, they are easily negotiated, and are stable and sure. There are millions of wage-earners who have £25 and over, which might be invested, and would be if Consols were obtainable at any post-office or bank, and the interest payable " to bearer." Every holder of Government stock would fool he (or she) had a stake in the country. At present—so I read—many hundred of thousands of pounds are "invested" in trades unions : the obvious result seems to be that the investors to have a "run for their money" come out on strike on the chance of bettering themselves, as they have nothing to lose —so they reason. Government must see that this is an un- settling policy. If, therefore, Government were to hold out facilities for the level-headed to invest easily and with security, there would be a minimum of the present unrest. Personally, I know many men who would, and could, invest £50 to £100 per annum, but not knowing the delight—or perhaps knowing too well—of losing these sums in bogus banks and (say) rubber shares prefer to " blow " the amount on false gaiety, and so create an impres- sion of wealth which does not exist. "Bearer bonds" might be quoted la, higher than registered scrip—other details I leave to the M.P. wise enough to advocate " thrift." Apologizing for addressing you, for I am but a wage-earner, and not a trade unionist, and so am aware that no Parlia- mentarian cares a straw for " the likes of such."—I am, Sir, &a,
ALFRED BARKER.
Cerro Muriano, Cordoba, Spain, March 30th.
[We are in strong agreement with our correspondent. We shall never make saving general unless we make investment easy by issuing bonds to bearer of small amounts which can be purchased as easily as stamps. We should like to see
Consols issued in £5 bonds to bearer—the proposal of the Economist—and also shares in industrial companies of like nature and amount. Since £5 is a hundred shillings the calculation of interest on a bond of that amount is easy. Each bond would bring in 3s., 4s,, or 5e., according to its annual rate of interest.—ED. Spectator.]
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