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[ DEMOCRATIC INVESTMENT. I ARE THE TERMS GOOD! ■ It is recorded that two men had a grave dispute as to whether the spokes of a revolving wheel went up or down. And people have been puzzled as to which blade of a pair of scissors ac- tually does the cutting. Others are apt to argue nowadays as to whether War Saving is a greater benefit to the nation as a whole, or to the individuals who invest. Indeed it ha.> been stated by critics that the terms are too good. Possibly the benefit to the individual deserves moro emphasis than it has received so far. Durin.g war time a high rate of in- terest is paid on Government securi- ties. Are we justified in taking advantage of such rates as are offered on War Savings Certificates or National War Bonds ? Ought we not to give the money ? Many people have given money to the Treasury, and a number hand over their War Loan Interest for the period of the war. But there is another side to the question. The present wave of demo- cratic investment is giving a chance to thousands whose lives hitherto have been on a hand-to-mouth basis. How many people have had to snatch at the first job that offeret*- self because they had not the few pounds that would enable them to wait for a better or more suitable one ? How many have had to toil and moil in a state of ill-health because there was no money for rest and change ? Worso still, how many, have had to see their loved ones suffer because they had not the means to give them extra com- forts ? For these and similar reasons it is perfectly legitimate to save what we can and lend it at the present high rate. For by going without things that we should like to buy we are re- leasing labour and material, thus mak- ing the task of the Government easier, and reducing the cost of the war. This is true equally of War Savings Certificates and National War Bonds. The former were first issued in Febru- ary 1916. So that those who were wise enough to buy at the begiqnning will soon iind that their 15s. 6d. has in- creased in value to 16s. 9d., and in three years hence will be worth Li. I- Those who have not yet taken ad- vantage of week-by-week saving may be regretting that they did not begin earlier. "If we start now," they say "the war will be over long before our Certificates mature and it is to help us through the difficulties-likely** %o occur when Peaoe is declared that the money would be most useful." It is far more likely that the coming of Peaoe will act as a spur to industry, and conditions may be fairly good. But it will be a year or two afcer that those who have a few pounds set aside may be glad of it. Those who save 15s. 6d a week now, and keep it up for two years will be able to draw £1 a week throughout 1923 and 1924. Holders of Certificates, who do not want their money back when the time oomes, can let it remain, earning in- terest at a panny a month for every pound, until they want it. If you were among the early buyers and your books of certificates begin to be repayable in 1921 you are not obliged to cash them one by one, but can wait until all the Certificates have fallen due, and then cash the lost, thus saving trouble and adding to the interest. If we can spare more than 15s. 6d. a week, there is a choice between Certi- ficates and National War Bonds. L5 a month soon mounts up. Overtime money and war bonuses quickly dis- appear in the shops. But, if stored away in National War Bonds, they will make for independence. Instead of buying goods at their pre- sent high prices it is possible to store l up the spending power so as to have it at call when pi ices fall, or when the right to receive a pound or more extra each week be invaluable. Like all good things, these terms cannot last. But the present opportuni- ty, to those whose feet have never been firm upon life's ladder, is one of the few social benefits of this time.