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 (£1,000,000,000)
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.