SECOND WAR LOAN

Ashburton Guardian, Volume 61, Issue 247, 31 July 1941, Page 2

SECOND WAR LOAN

THE LIST OPENED TO-DAY. SUM OF £10,000,000 WANTED. (P.A.) WELLINGTON, July 30. An announcement that the Government was launching a second war loan was made by the Minister for Finance (the Hon. W. Nash) to-night. Two classes of stock arc to be offered, viz., per cent, stock, repayable on August 1, 1946. and 3 per cent, stock, repayable on August 1, 1941-54. The, subscription list will open to-morrow, and will remain open until September 2, or such earlier date as the Minister may decide. In the case of the 3 per cent, loan, the right is reserved for the Minister* to repay it at: any time after August 15, 1951, on giving three months’ notice. To meet the convenience of investors, who may be unable to subscribe immediately the full amount which they desire to invest, provision has been made for subscriptions to be made by instalments over a period up to December 1 next as follows: .On application £2O per cent.; on October 1, £3O per cent.; on November 3, £3O per cent.; and on December 1, £2O per cent. ,

Mr Nash said the purpose of the loan was to provide for part of the cost of meeting war expenditure, which it was estimated would come to chai’ge during the present financial year. Total war expenditure this year, as estimated in the Budget, was £69,700,000, toward which £4,428,000 had been carried forward from last year, and this sum, together with transfers from the Consolidated Fund and receipts from taxation, was estimated to provide £27,000,000. A further £31,000,000 for expenditure overseas would be provided by way of loans from the British Government. The national savings scheme was expected to produce some £3,000,000, leaving £10,000,000 to be found by way of loan«from the investing public of New Zealand. Mr Nash said he was satisfied that every citizen and institution would support the loan, and to those who were unable to do so, the National 'Savings scheme was available. “I would like to say, keep on with your good work,” said Mr Nash, “so that everyone in the country will be rendering practical assistance to the common cause.”