War Savings Again (1917)
Post date: Jan 28, 2014 5:37:2 PM
Extract from parish magazine of March 1917
WAR SAVINGS AGAIN.
The War Loan is regarded as a huge success. It has far exceeded Mr. Bonar Law's expectation. He looked for between 6 and 7 hundred million, and he has got more than 1,000 million. Financiers however, tell us that the Chancellor of the Exchequer's success lies not so much in the hugeness of the sum as in the character of the operation. It was a venture of faith. The loan was issued at a comparatively low rate of interest, accompanied by an assertion that the next one would be issued at a still lower rate. It is said to point to a welcome revolution in national finance. Up to the last moment beforehand Treasury Bills were being issued at 6 per cent., with a possibility of the rate rising to 7 or 8. The loan was issued at 5 1/4. It points to the cheapening of money for purposes of home commerce and to the divorce of the problems of internal finance and foreign exchanges. I am not a financier, but if I understand the matter rightly it is coming to be appreciated that the regulation of internal finance need not depend upon the amount of gold reserve at the Bank of England. For the up-building of our national industries we shall want cheap money; and we want a cheap medium of internal exchange—the war has proved that we can get on very well by means of cheques and paper money without the circulation of gold. The gold is wanted for foreign exchange. Perhaps I am writing nonsense. One thing is certain-that we want education in matters of high finance, and if Mr. Fisher, the new Minister of Education, will popularise a difficult and obscure subject he will confer a benefit upon the nation.
The loan will provide funds for carrying on the war for six months. It has not brought us any where near the end of our resources. Some people are saying they have never been so well off as they are now. The majority of people are only just beginning to feel, or, perhaps, merely to apprehend a little tightness of income. We have to exercise a little care in expenditure on the necessaries of life, cutting off luxuries. That is all. Some people, in every grade of society, rich and poor, have not even got so far as that: some of the poor still have enough to spend in sweets and cinamas [sic], gramaphones [sic]and furs (popularly known as "munition overalls"); some of the fashionable rich still indulge in midnight cabarets and all-night dances with champagne suppers. The nation as a whole has not yet realised the exigencies of war. It has not yet been brought to its knees, though its sailors are risking and giving their lives, its soldiers are bleeding in the trenches, and its Government is making provision for the support of over 600,000 disabled men at a capital expenditure estimated at nearly 400 million pounds. The poor are still inclined to think "this is the rich man's job," and the rich man, in some cases at any rate still remains indifferent. We are not yet making the supreme effort. We are still inclined to trust too much to the exhaustion of the Germans in food and man power in the near future, and to the ability of our brave sailors in the meantime to meet the menace of the enemy's submarine expansion. The enemy means to die fighting, and the sooner we gather up all our resources and utilise all our strength in the task of killing him, the less it will cost us in men and money3.
We are not near the end of our financial resources. The loan represents one-fifteenth of the capital worth of the country, apart from our colonies. It was subscribed mainly out of the private capital of the middle and upper classes. The weekly wage-earning class, unaccustomed to deal in stocks and shares, did not wake up to the possibilities of their co-operation until the last moment. The loan has done something to educate the masses in high finance. The banks were not called upon to any great extent. It is said that if another loan of the same amount were issued immediately it would be subscribed.
Notwithstanding these shortcomings the loan was a success in respect of the numbers of subscribers which, including the estimated number of purchasers of War Loan 15s. 6d. Certificates, amounted to between 5 and 6 millions—about the same number as the subscribers, including those of much smaller amounts, to the biggest war loan in Germany, with its population of half as many again as ours, constitutes a real knock-down blow for German hopes—a great moral victory for us.
Wateringbury did well in the matter. Within the last four days of the time allowed the wage earning class contributed more than £1,000, probably nearer £2,000. They have more up their sleeves to lend when called upon again. On the Monday before the Friday on which the lists were closed a meeting was held in the Church Room for the advertised purpose of promoting the formation of a local War Savings Associations (of which more anon), with Mr. Bertram Leney in the chair. There was a full room. Patriotic addresses were delivered by Col. Warde, M.P., and Mr. Stone. Many good points were made. One of the best was the Colonel's quotation from The Times of a conversation in Berlin in 1913 between an American and a Prussian Junker. It is vouched by Mr. Robert Bridges. The American asked what the Prussians meant to do when they had conquered England. P.—" The first thing we shall do is to impose an indemnity of 20 thousand million pounds." A.—"But there is not so much money in all the country" P.—"We know that, but we shall occupy England until they have found it. They will have to work it out." A.—"But if they refuse to work, how can you compel them?" P.—"The lash." A.—"What! Slavery?" P.—"Yes; slavery."
Mr. Libby advocated the formation of a local committee to represent Wateringbury, Teston and Nettlestead for the purposes of the meeting, and it was decided that a further meeting should be held to consider the proposal. It was left to the Vicar to thank the speakers, congratulating Colonel Warde and his constituents on his recovery from his recent illness and the Vicar seized the opportunity to advocate the claims of the War Loan.
With future possibilities in view it may be well to summarize the Vicar's remarks. After explaining that the payments for War Saving Certificates purchased while the lists remained open were to be credited to the loan, he said he had made enquiry and found that certain misapprehensions were hindering weekly wage-earners who had savings, either in the Post Office or at home in stockings, from putting them into the loan. First there was an impression that the Government did not want P.O. Savings Bank deposits to be transferred; whereas in fact the P.O. had provided a special form (W.L.—No.10A) of a simple character to promote such transference and make it easy. Secondly, people thought they would not be able to get their money back if and when at any time they might want it; whereas in fact the sale of Government Stock was a simple matter, and could always be effected in the course of a day or two. Thirdly, they were afraid they might lose on the transaction. To meet this objection the Vicar read a paragraph from the particulars of issue shewing that the Government were making special provision against depreciation of the value of the Stock by means of a sinking fund. Should the market value of the Stock show signs of falling below the original purchase price (£95 for every £100 Stock) the Government would step in as a purchaser in amount sufficient to keep the price up—a device well known on the Stock Exchange. Moreover there was little likelihood of any such tendency in view of the fact that the Government had undertaken to redeem the stock within a certain specified time, at par, i.e., to give £100 for every £100 Stock originally purchased for £95. So that for £4 15s. 0d. now invested the purchaser would get £5 worth of Stock, which would ultimately be worth £5 to him, and which he might realise at any time without risk of loss and with a prospect of gain. Moreover it was a sound investment, the best ever offered or likely to be offered by the Government, secured by all the credit of national prosperity behind it. (If the nation went to the wall, defeated by Germany, all savings, invested or not, would go with it.) It was a gilt-edged security, bearing 5 1/4 per cent, interest, more than double the P.O. Savings Bank interest. The Government would never offer such a chance again. The Government wanted every penny they could get to carry on the war—to equip and feed the forces defending the country; but they wanted also a large number of subscribers of comparatively small amounts to prove to the Germans that the whole nation, the mass of the people as well as the capitalist classes, were united in their determination to win the war. The Vicar concluded with an appeal to the patriotism of his hearers—he had shown that they would risk nothing by putting their savings into the loan, but even supposing there was a risk of losing a 6d. or a 1s. out of £5 in the course of a few years, was that insignificant loss going to prevent them doing their duty in upholding the country's cause, the grand cause of humanity, of freedom and righteousness, against slavery and crime ?
After a few appreciative remarks from Col. Warde and Mr. Stone, the meeting closed with a hearty vote of thanks to the Chairman, proposed by Mr. Henry White and seconded by Mr. F. Bowerman.
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The Local Committee for the Promotion of War Savings Associations, with Mr. Bertram Leney as Chairman, Canon Livett as Treasurer (a sinecure, since this committee makes no collection of money), and Miss Dorothea Livett as Secretary, has got to work. It has recognised the three Associations already formed—the Wateringbury Schools (Miss Harvey, Secretary), the Adults (Mr. H. Green), the Phoenix Brewery (Mr. Bert Relf)—as well as a new Association just formed at Teston (Mr. J. Rose). It has recommended the formation of a separate Association for employees in agriculture and horticulture in Wateringbury, and yet another (if feasible) for Nettlestead. It has, further, suggested that the existing Adults Association should endeavour to promote the formation of a branch for the employees of Messrs. Jude Hanbury, and should make a canvass of all parishioners not covered by other organisations, with special mention of the domestic servants class.
NOTES AND NOTICES.
Most people are making a genuine effort to comply with the scale of rations recently issued by the Food Controller. Not much difficulty is found by people who have good gardens or sufficient income to supply their wants in ways outside the rations. It is not so easy for people who have habitually depended upon bread rather than meat as their staple food. The average working man eats considerably more than 4lbs. of bread per week. It is with some anxiety, therefore. that we await the introduction of a compulsory scheme. In the meantime, as Captain Bathurst has said, the working man may to some extent make up in bread his shortage in meat. When compulsion comes we hope the working man's difficulties and needs will receive full recognition.
The Board of Agriculture is supplying potato seed for the use of men who have allotments or cottage gardens. In this district it is being distributed to claimants by the Kent War Agricultural Committee from Maidstone. Twenty-five cwt. of Scottish seed is on its way to this parish for sale at the following cheap rates:—Arran Chief, 16s. per bushel. Up-to-Date and Dalhousie at 13s. The lot has already been taken up in quantities varying from 1/2 bush, to 2 bush2.
We hear that arrangements have been privately made by Mrs. Flint and Mr. Brocklebank for the supply of allotments in the Brick Field, Old Road, and in the Park respectively. The Parish Council has made a free grant of ground-lime to its allotment holders—2 cwt. for each allotment of 10 rods.
At Mr. Edgar Smith's suggestion the School Managers have granted leave for the closing of the Boys' Department a day or two in the near future to enable 40 or 50 boys to give their services, under the supervision of the teachers, if the farmers see their way to making use of them for the purpose of food production.
The District Council has formed a Committee to deal with the Voluntary National Service scheme, Mr. Henry White and the Vicar have been asked to represent this parish.
A national scheme for the employment of women volunteers is quietly going forward. Applications, stating definite wants, kind of work, approximate wages, sent in to the registrar for this parish, Miss D. Livett, will be forwarded without delay to head-quarters. Miss Livett has already received one such application.
The Vicar and Mrs. Richards have received and filled up National Service forms. Their time is already fully occupied, but by agreement Mr. Richards has offered to give two or three days a week wherever he may be sent. If the offer is accepted it will necessarily curtail the ordinary work of the clergy in the parish.
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A CORRECTION.—For £18 0s. 6d., as the total cost of the parcels and postages of New Year presents to the men serving, announced in last month's Magazine, read £19 0s. 6d. See the balance-sheet in Mr. Benfield's window.
In addition to the £2 4s. 4d. collected by some of the girls for Prisoners of War, a sum of £1 16s. 9d. has recently been sent, making a total of £4 1s. 1d.
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WAIFS AND STRAYS SOCIETY4.—For many years subscriptions for this Society have been collected in Wateringbury and a small sum has been sent up also from the Girls' School. One of the objects of the society is "to relieve overburdened widows." It has just taken charge of two boys, aged 10 and 7, members of a family of seven children in the parish. Miss Barbara Livett took them up to London, "where they were met by an official of the society. The mother was brave in parting with them, and the little fellows went off in high spirits, furnished each with a new collar and tie, a new shirt and socks, and two new woollen undervests, which they were wearing to keep out the cold on the journey; they carried parcels containing a new pair of boots, a second new shirt, and two or three pairs of socks, etc. Apart from the shirts, which Miss Fremlin kindly supplied, made up by Nurse Smith, the cost of these things, together with the material for night-shirts, which are to be made up and sent after them, come to £1 17s. 9d. This small sum must be raised somehow: perhaps readers of this will send contributions to Mrs. Livett. A few weeks ago the Rev. W. E. Williams, Org. Sec., came and gave a lecture on the work of the society, with special reference to the part played by its Old Boys in the war. The sum of £2 14s. was collected in the room and sent up, less 3s. for lantern expenses. It may be mentioned that £16 a year covers the cost of feeding, clothing and supporting a child in the homes.
The following is a list of subscriptions for 1916, supplied by Miss Maud Benfield, the local secretary, who will be glad to supply boxes and to receive and forward any sums sent to her :—
Boxes: Miss Benfield, 6s. ; Miss Harris, 12s. 3 1/2d.; Mrs. Leney, 12s. 2 3/4d.; Sir Geo. Wolseley, 3s. 6 1/4d.; Mrs. S. H. Smith. 7s. 6d.; Girls Schools (2 years), 11s. 0 1/4d.; Miss Attaway, Mrs. Bell and J. Jury, 1s. 2 1/4d.; total, £2 13s. 9d.
Subscriptions: Mr. and Mrs. Alan Lambert. £1 10s.; Miss Lambert, 10s.; Miss Fremlin, 5s.; Mrs. Jude, 5s.; Mrs. S. Sander, 2s. 6d; Miss F. Goodwin, 2s.; Mrs. A. Baker, 1s.; Mrs. Baker, 1s.; Miss M. Bentield. 4s. 6d.; total, £3 2s.
THE WATERINGBURY CHORAL SOCIETY gave an Invitation Concert at the Church Rooms on Shrove Tuesday. In addition to part songs by the society, many of the members gave individual items. There was a good room of listeners, who were asked to give (if they so wished) a small contribution either to the Red Cross Society or the Choral Society's Funds. After paying a small sum for using a pianoforte (kindly lent by Mrs. Amos Baker) there remained 1 guinea for the Red Cross and the same for the society. The society has given concerts this season to wounded soldiers at Barham Court1, Preston Hall, and Hayle Place. The members pay all their own expenses of travelling, etc. — Communicated.
CONFIRMATION. — The classes are held on Sundays in the afternoon. They have already been started, but it is not too late to receive names of fresh candidates if they are sent in at once to the Vicar.
LENT. — The 5.30 daily Evening Service is being well attended. Mr. Richards gives a brief address on Fridays, the Vicar on other days, to suggest a subject for the corporate silent prayer with which the service concludes. The devotional meeting at 3.30 on Fridays at the Vicarage seems to be appreciated : it is open to all comers and lasts about 40 minutes.
Notes:
1.See also List of land and sea forces 1917 and Concerts, PoWs, Scouts, Volunteer Regiment (1917) for other village events involving wounded from Barham Court hospital. Charles Warde (born 1845 so over 70 years old at this time) was the long term tenant of Barham Court, Teston. During the war he established a military hospital at Barham Court to which wounded soldiers were sent direct from evacuation ships at Chatham. It had 36 beds and in all 530 patients passed through its hands. A photo of Colonel Warde and Mrs Warde in 1916 with war wounded at Barham Court is included in Joan Severn's book "The Teston Story". After the war Colonel Warde received a knighthood.
2. See Parish Council Minutes (1917) for more details.
3. The vicar gets more militaristic here than his usual style, but there was a strong militaristic streak in the Church of England exemplified by the Bishop of London's (A.F. Winnington-Ingram) Advent sermon of 1915 (later published in 1917 and quoted by Niall Ferguson in The Pity of War page 208) in which he described war as :
"a great crusade -we cannot deny it- to kill Germans: to kill them, not for the sake of killing, but to save the world; to kill the good as well as the bad, to kill the young men as well as the old, to kill those who have shown kindness to our wounded as well as the fiends who crucified the Canadian sergeant, who superintended the Armenian massacres, who sank the Lusitania, and who turned the machine guns on the civilians of Aershott and Louvain- and to kill them lest the civilisation of the world should itself be killed."
4. Established in 1881 its full name was Church of England Central Society for Providing Homes for Waifs and Strays. It is now known as the Children's Society. Its first home was established in 1882 in Dulwich. By 1919 the Society had 113 homes and cared for 5,000 children