The War Saving Association is the body that sells the War Savings Certificates, which are very much like the American ones.  These are also sold at all Post Offices and Banks.  They cost 15/6 each, and in five years from date of purchase are worth L1.  The interest in the fifth year is at the rate of L5.4.7 per cent.  The interest begins at the end of the first year and the certificates can be cashed at any time at the Post Office with interest to the date of cashing.  The War Savings Certificate has the additional advantage that its interest is free of income tax, and in a country where income tax begins above L120 ($600), and is then at rate of 2/3 in L1 (over 10 per cent) on earned income and 3/. on unearned, its advantage is very clear.  The interest does not need to be included in income returns—­but no one may buy more than 500 certificates.  It is a specially good paying security intended only for the small saver.

The War Savings Associations can be set up by any group of people, ten or upwards, who wish to save co-operatively.  They must establish a committee, small or large.  They must appoint a Secretary and Treasurer and then apply for recognition to their Local Committee, or if there is not one, to the National Committee.  They are given an affiliation certificate by their committee and receive free all the books, papers, etc., necessary for carrying on an association.  These are all supplied by the National Committee to Local Committees.

The 40,000 Associations are in the Army, Navy, Munition Works, Government establishments, Railways, Banks, Mines, Churches, Shops, social groups, clubs, men’s and women’s organizations and 10,000 are in the schools.  The schools, where we receive subscriptions down to 2 cents have done wonderful work and the teachers have done a great deal to make our movement what it is.  We find the children do the best propaganda in the homes.  One teacher, after explaining to his children what it all meant in the morning, in the afternoon had dozens of subscriptions, and among them a sovereign which had been clasped tightly in a hot little hand for a mile and a half’s walk.  The little boy said, “I told Mother about it and she gave me that for fighting the Germans.”

Our Associations have unearthed piles of gold, one village association alone getting in L750 in gold ($3,750).  Old stockings have come out and one agricultural laborer brought nine sovereigns to one of our Secretaries one night, and asked her to invest it to help the soldiers.  She said, “Why did you bring it to me?” and he said, “Because its secreter than the Post Office.”  And the Association has the advantage that all its affairs are confidential, and though figures and amounts are known, no single detail need be.

The schemes are two and apart from schools, the minimum weekly subscription is 12 cents.  There is a Bank Book scheme and a Stamp scheme in which the member holds a card which takes thirty-one 12-cent stamps, and when filled up is handed in to the Secretary and a War Savings Certificate is received.