268 THE NATIONAL SAVINGS MOVEMENT 
anything approaching the financial results of the activities of 
the movement. During the war, as we have seen, it was 
largely instrumental in obtaining very large subscriptions to 
securities of all kinds, from both large and small investors. 
The appended table, which shows the subscriptions since the 
beginning of the war which have been made by the small 
investor through Post Office issues of securities—disregarding 
issues through the Banks of England and Ireland—is testimony 
to the aid received from the small investor. 
It is both appropriate and necessary that a movement 
which advocates wise economy should follow its own precepts. 
The National Committee appointed a Sub-Committee of its 
members to examine the details of the work and ascertain if 
any reduction in expenditure were possible consistent with 
efficiency. As a result various improvements were introduced, 
and a Committee appointed by the Cabinet, which subsequently 
scrutinized the work of the Savings Committee, reported that 
practically everything possible was being done and that the 
suggestions it was able to make were trifling compared with 
those which the Savings Committee had itself introduced very 
shortly after the war. 
[ts management was further considered by the Committee 
on National Expenditure, of which Sir Eric Geddes was Chair- 
man. After quoting certain figures the Geddes Report con- 
tinues : 
¢ We are informed that this organization, which deals with the sales 
of Savings Certificates, is regarded as valuable by the Treasury, who 
hope that it will remain a permanent part of the*financial machinery 
of the State. Its object is to encourage saving by offering special 
facilities to the small investor in Government Securities, and it aims at 
fostering a habit of saving which grew up during the war under the 
War Savings movement. Its usefulness has been strongly emphasized 
by two expert and authoritative Committees. . . . 
‘ The Staff position has been carefully watched in arder that the 
numbers might always be kept in strict proportion to the volume of 
business, and as a result of a recent review, it was expected that by the 
beginning of 1922-8 the staff will have been reduced to 204 (from 268 
in August 1921). 
Apart from the Head-quarters staff, the work throughout the