Ashburton Guardian Magna est Veritas et Prævalebit. TUESDAY, OCTOBER 19, 1915. THE PUBLIC WORKS LOAN.

Ashburton Guardian, Volume XXXV, Issue 8273, 19 October 1915, Page 4

Ashburton Guardian Magna est Veritas et Prævalebit. TUESDAY, OCTOBER 19, 1915. THE PUBLIC WORKS LOAN.

The people of. the.-Dominion now have an opportunity to pause for a moment in their philanthropy and subscribe towards a fund, that will result in direct material advantage, not only to themselves but to their country. It must not be inferred that their contributions to patriotic and relief funds are non-productive, because though they do not bear interestin coin of the realm, they are doubly reproductive in the quality of mercy, which "blesseth him that gives and him that takes." Investment in the War Loan is open to any person in the Dominion. There is no limit to the amounts, which may be as low as any multiple of; £5, and as high as the wealthiest person's means will allow. It does' not follow that the full amount of every application wi 1! be granted. So attractive are the conditions of the loan as an investment that it is anticipated that many of the wealthiest firms and companies would take Up the whole issue if permitted to do so; but we gather from the statement of the Minister of Finance that it is desired to encourage the small capitalists and the workers to participate in the benefits. Sir Joseph Ward was particularly happy in his appeal in connection with the loan. He said he wished to appeal to the sentiments of the people ! rather than to their business instincts, and pointed.out the good moral effect that a full subscription would have. The Australian War Loan was over-subscribed by many thousands of pounds sterling, and that fact formed the basis of very favourable comment in Great Britain, in France, and in the United States; for the war is to a great extent a test of the financial stability of the belligerents, and the assurance that in all parts of the British Empire the people have unbounded confidence in ultimate victory is a factor of incalculable value in achieving that result. The loan is not for war purposes, but is to be expended in the development of the country, and it is a striking example of the confidence, of the Government in the outcome of the war, and in the loyalty and resources of the people of the country, that it does not intend to allow the primary duty of carrying out our obligations in connection with the war to arrest the ' progress of our domestic affairs. The war has stimulated production in most of our staple industries, and particularly in those concerned with foodstuffs such as grain, dairy produce, meat, and fodder, and this necessitates internal development in the shape of better transit and carriage facilities."" The loan expenditure will cover all these requirements, and by doing so will enable the business of the country to progress at an even greater rate than it has hitherto done. Fears have been expressed in some quarters that the investment of such a large sum of money in the Government loan will result in the withdrawal of capital required for private industrial expansion, but bankers do not anticipate that any difficulties will arise on this. head. The bank returns show that the liquid assets on free deposit total over £17,000,000, and that the fixed deposits amount to over £11,000,000, so'that even if the whole of the loan were subscribed from these- funds the financial position would scarcely be affected in the slightest degree. But] it will probably be found that a! good deal of the loan will be made up of small amounts which do not figure in the "free deposit" list. On sentimental as well as on j business grounds the loan is de- j serving of the firm support of every person in the community,! according to his or her means.