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 £1. The interest in the
fifth year is at the rate of £5.4.7 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 War
Savings Certificate has the additional advantage that its interest
is free of income tax, and in a country where income tax begins above
£120 ($600), and is then at rate of 2/3 in £1 (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