nd you make other people work for you, and the
work of every one is wanted now to help our fighting men to win the
war, or to produce necessaries and to make goods for export.

4. Because by confining your spending to necessaries you relieve the
strain on our ships and docks and railways and make transport cheaper
and quicker.

5. Because when you spend you make things dearer for everyone,
especially for those who are poorer than yourself.

6. Because every shilling saved helps twice, first when you don't
spend it and again when you lend it to the Matron.

POSTER ISSUED BY NATIONAL WAR SAVINGS COMMITTEE]

The committees also did the propaganda work for the January-February
Loan of 1917, when five billion dollars was raised (L1,000,000,000)
and over eight million people (out of our population of forty-five
millions) subscribed to the loan.

The work of the committees was admirable at that time and assisted
materially in the success of the loan.

The National War Savings Committee was also asked by Lord Devonport in
April to assist the Ministry of Food by doing, through its committees,
a great food-saving propaganda. This request was made, because, it was
explained, the War Savings Committees are the best organized and most
thoroughly democratic Government organization in the country. This
propaganda was also done with marked success. In autumn of this year
the committees have done an extensive campaign of education, and of
work to strengthen and enlarge their associations, and also to push
the sale of the new War Bonds.

The Treasury's policy now is to raise all the money needed by the
wisest borrowing from the people--day by day borrowing.

The entire work of the committees and associations is done
voluntarily--nothing is paid in the whole country for the work, and
the only charge is Headquarters Staff and propaganda expenses. The
County Secretaries are in most cases Board of Education Inspectors
whom the Board has generously allowed to help.

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