LIBERTY LOAN

Ashburton Guardian, Volume 62, Issue 307, 9 October 1942, Page 5

LIBERTY LOAN

SECOND ISSUE ANNOUNCED. SUM OF £10,000,000 NEEDED. (P.A.) WELLINGTON, October 8. The terms of the second Liberty Loan Avere announced to-night by the Acting-Minister of Finance (the Rt. Hon. P. Fraser). He recalled , that it was announced in the Financial Statement early this year that the total amount to be raised by way of loans for war purposes during the current financial year would be £27,500,000. The satisfactory response to the first Liberty Loan, to Avhich £17,500,000 Avas subscribed, left only £10,000,000 to -be found uoav, and the .public of the Dominion Avere asked to subscribe this sum to the second Liberty Loan, which Avould he open for subscription fioxt Monday. It would be open until November 14. The prospectus, said Mr Fraser, Avould contain the offer of tAvo classes of stock, namely, 21 per cent, stock, repayable .on May 15, 1948, and 3 per cent, stock, repayablo on May 15, 195356. In the case of the last-mentioned stock, the right would be reserved for the Minister of Finance to repay it at any time after May 15, 1953, on giving three months’ notice.

These terms were similar to those of the first Liberty Loan, the maturity dates in each case being advanced by about a year. Th-oso desiring to take up the neAV loan instalments could clo so on the folloAving terms: Thirty per cent, on application, 30 per cent, on December 15, and 40 per cent, on January 27, 1943.

A pleasing feature of the first Liberty Loan, Mr Fraser added, was the large number of people avlio contributed amounts from £lO upivards, and he hoped that on this -occasion there would ’he an equally good, if not better response. /

Mr Fraser said he did not need to review again the events, in the Pacific, Avith operations so close to our shores as to make everyone realise the necessity for the Dominion’s effort to receive wholehearted support. His recent visit to the United States had confirmed his. opinion that the road to victory was a hard ope, demanding of each and every one of us the utmost sacrifice, but he had confidence in Ncav Zealand and its people to give the fighting services all the support they needed in the fight to regain liberty.