Thanks Bujutsu, it's definately "SAVES",
khj, your right I can see parts of the Ts of "IT" and "TIME" in the stamp margins, I just didn't consider it could be a cancellation, the positioning of it is almost perfectly parallel to the bottom margin.
Excellent deduction, just shows how a knowledge of postmarks can save a lot of confusion.
Here's an image just for reference, in case anyone else is as imperceptive as me.

A bit off topic, but I thought this was going to be another of those mistakes in catalogs that I've been finding recently, including wrong colours stated for a stamp of North Borneo overprinted "LABUAN", and of course Stanley Gibbons classification of chalk surfaced paper, particularly in respects to Straits Settlements "B.M.A" stamps.
SG also fail to list many overprints of European countries.
I suppose it will never happen, but it would be great if some publisher could collate all information in all popular catalogs and combine them into one perfect catalog.