WAR FINANCE.

Ashburton Guardian, Volume 61, Issue 111, 20 February 1941, Page 6

WAR FINANCE.

SUBSCRIPTIONS TO THE LOAN. GRAND- TOTAL OF £19,126,000. (Per Press Association). WELLINGTON, This Day. It is announced by the Minister for Finance (the Hon. AV. Nash) that subscriptions to the war loan by way of cash applications' and conversions of free .of interest loans totalled £9,126,000. No less than £2,600,000 was lent interest-free, but of this £1,400,000 had been converted into the AVar Loan, and included in the total of £9,126,000. In addition 1100 Post Office Savings Bank depositors had assigned interest for the duration of the war. Speaking of default in contributing to the AVar Loan Mr Nash stated the position in regard to members of the fighting forces, saying it was proposed to deal with such cases on the assumption that an appeal had been lodged and that except where a' soldier had an appreciable income apart from his military pay exemption would be granted automatically. Mr Nash said he fully appreciated the heavy demands on the taxpayer on account of the war and consequently the response made was gratifying and stimulating evidence of the manner all sections of the community were facing up to the position, lending aid to the Government’s all-in war policy. To ensure that the Dominion’s economy was kept in a sound position, however, and in particular to avoid inflationary influences it was necessary to reduce private purchasing power and this’ of course, necessitated heavy financial demands on the individual. The majority of the people had fulfilled their obligations in many cases only with difficulty. He hoped the reminders which had been sent out to those who should have sub-, scribed but had not done so would bring a ready response.