In the six months ending March 31, 1922, £93,000,000 have been invested in Savings Certificates, a sum which is more remarkable when one considers the conditions in industry during this time. By a wise foresight, arrangements have been made by which local authorities can borrow from the Public Works Loans Commissioners 50 per cent. of the money raised in the area of any local authority. In brief, this means that £46,500,000 per annum of new capital is being saved, and made available for works of public improvement if required, while another £46,500,000 will be available for the repayment of ways and means advances which will thus set free bank credits for the financing of private trade. It is a steady regular funding of the floating debt by money which is actually saved. As a measure of comparative magnitude of millions it is well to point out that the total cost of Old Age Pensions for the past financial year was £21,750,000, and the total cost of Poor Law in the year ending March 31, 1920, was £28,500,000. This measure of success has concealed to some extent the other function of the Committee, viz. economic education. In the last analysis the problem of unemployment becomes one of finance. So far as it can be alleviated by measures of insurance or relief or emigration, taxation and rates will provide the means, but beyond all compulsion, the individual has a measure of responsibility. Wise spending, the avoidance of waste and extravagance, will do more to restore the foundations of industry and credit than any action by Government. Just as during the war it was possible to divert goods and services from private ends to the main national need of providing men and munitions necessary for victory, so to-day a conscious control of individual expenditure, including a measure of personal thrift and saving, will mean lower rates of interest, a larger amount of credit, and a general improvement of trade and employment.