Under this system any person desiring a pension , would pay
into a State insurance fund such sums and at such times as he thought fit, and the sums so paid in could be augmented at a fixed high rate of interest,—say four per cent. The difference between this rate and that which could be earned by the State on the money would be made good annually by a Parliamentary grant, and there would be no forfeiture through lapsing of contributions. Thus every one who wanted a pension would be able to obtain one of any desired amount with substantial, but not extravagant, aid from the State. Sir Edward Brabrook added that he was still convinced of the truth of what he wrote in 1870, that " there is no other way of pro- for-old age than by thrift, self-denial, and forethought in youth," and the proposals he had outlined went directly to encourage and stimulate these virtues. We may take this - opportunity of stating that, owing to the pressure on our correspondence columns, we have been obliged to hold over several letters on this subject.
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