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 t