An economic view published in mid 1918: “It cannot last”
Through one means or another many people are earning large wages. Hundreds of firms are paying excess profits tax. And many workers outside the big industrial world are receiving salaries and wages, which, for purely war reasons cannot last. Thousands are earning comparatively good pay, which they will take as a matter of course until “their services are no longer required”. What is to be the future of these?
There are two distinct types of worker: first, the organised wage earner; second the new worker on office situations. The first section, though quite aware that the war (and war prices also) are liable to fall when peace comes, will look to the State to prevent the dislocation and unemployment that have followed previous wars. But a guarantee against actual want does not mean continued prosperity. Even when a “minimum wage” is the rule it will be far less than the present “maximum”. The second section is in a position quite undefined.
To both the National War Savings Committee offer sound advice when they say, “Save while you can and buy War Savings Certificates”.
Let us grant that the State would not allow wholesale disorganisation and unemployment. But let us remember that the State, like the individual, depends on trade. It is impossible to guarantee high wages. For the so called “good times” of war depend on artificial causes. It is to be hoped that new trades and fresh energy will flourish and abound. But, behind such hopes lies the plain fact that the men and women with £10, £50, or £100 in hand will be saved an anxiety. For no state exists that can restore to its citizens what has been lost or wasted or create wealth out of thin air.
It is not necessary to buy certificates one by one. £1 certificates are issued in book form; or twelve may be bought at one time (on one certificate) for £9-6-0 and £25 certificates cost £19-17-6 each. If you have any odd sum you can put it all into certificates in exchange for one document and you can withdraw part of the money at any time if you need it. A small reserve fund may make all the difference some day, between having to jump at the first job that comes your way, and being able to wait until you can secure congenial occupation.
The certificates you buy today may mark the turning point of your career.
