THE SAVINGS BANE." 1[AI3IT. [To T ur. EDITOR Or THE
" SPECTATOR.") SIR it not a mietake for the Spectator to suggest that the " small man," as defined in its " Last Week of the War Loan " article of February 10th, can do something more advantageous to the State at the present time than to place all be can save in the keeping of the Savings Bank? Chancellors of the Exchequer one after another have tried to make it clear that the State derives no advantage from money transferred from the Savings Bank to War Loans. Of course they always add that they would not dream of hindering a transfer by which the investor doubles his rate of interest. But the investor must not imagine that it is more patriotic to take 5 per cent. than 21- per cent. There has been a great deal of confusion about this.—I am, Sir, Sc.,
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