The whole creation of these savings certificates is of great
value to the Treasury, of still more to the nation in encouraging thrift, and is an admirable object lesson Upon the theory that we have preached for many years, namely, that the problems of a capitalistic system are not to- be solved by abolishing capital, but by making every man more of a capitalist than nature has already made him. The new schemes will have, we hope, a further social. -value in bringing wage-payers and earners into a new form of helpful co-operation. That this form of saving is appreciated is proved by the fact that £700,000,000 have been invested in them, and still more by the fact that £500,000,000 remain invested in them to-day. There can be no greater sign of the popu- larity of the certificates than the assurances we have received that even in the most distressed industrial areas many of their holders still cling tenaciously to them, though the temptation to realize them must be insistent indeed. * *
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