VICTORY LOAN

Ashburton Guardian, Volume 65, Issue 196, 1 June 1945, Page 3

VICTORY LOAN

APPEAL TO FARMERS. MESSAGE FROM PRESIDENT. SUCCESS RESTS WITH INVESTORS (P.A.) WELLINGTON, This Day. “We cannot leave the of a success of the Victory Loan' to people with lots of money,“ declared the president of the New Zealand Farmers’ Union (Mr W. W. Muihoiland) in an address last night. } J. He pointed out that financial'institutions and wealthy people could subscribe the £25,000,000 if it was left to them, but he appealed to those who had some money, “not lots of it, to welcome this opportunity of taking a very little share in the sacrifices necessary to make one corner of- the earth "secure from the terrible things that had happened in Singapore, Hong Kong and the Philippines, and which might have happened in New Zealand. Another important reason Atfh'y tha people generally should subscribe, said Mr Mulliolland, was that the prosent inflationary tendency would be increased if the lending was left to those having large amounts of capital, but if many people invested this would tend to stabilise finance. “War is a voracious monster,” continued Mr Muihoiland. “It consumes all the extra production and a good deal of that normally' available for civilian consumption, so that, we all have more money than we can really use, because the things we want to buy ha\ r e gone to the war. By investing in the Victory Loan we will have that money when things are available, and the lending of it will decrease the amount of inflation and do some- 1 thing toward bringing the Avar with Japan to an early and successful conclusion." Freedom Valued. “It is perhaps ■ unnecessary," said Mr Muihoiland, “to make a special appeal to farmers to do their full share in regard to the Victory Loan. They have always played their part fully in the war effort, and I am satisfied they Avill continue to do so. They perhaps more than any otlier section of the community value freedom, and will make any necessary sacrifice to retain it. There is one particular point that I would mention, and this mainly concerns sheepfarmets. The Government has decided that the 5 per cent, of the appraisal value of their wool, which, in the last two years has been paid for in negotiable bonds, will this year be paid in cash. I would suggest that those farmers who do not need the cash immediately should invest it in the loan. I am not suggesting that they should do this as an expression of gratitude, because I know the money is rightfully, theirs, and that they agreed to accept it in the form of bonds as a contribution to stabilisation and in the hope that a similar action would be extended generally. However, this has'not happened, and they are rightly to be paid in cash. Many did not need to turn the bonds they received during the last two years into cash, and to those I appeal" to pay the equivalent of what they will not receive in cash into the Avar loan. I am assured,that the banks and" stock firms will be prepared to advance the necessary money until the wool-retention money is paid in about two months’ time." Mr Muihoiland suggested that it would be a great demonstration of the country’s determination to mobilise the whole of its resources for the de_ feat of Japan if the loan were fully subscribed before the closing date.

£15,000,000 MARK PASSED. (P.A.) WELLINGTON, May 31. The Reserve Bank announced tonight that the total of the 1945 Victory Loan is now £15,035,238. The cash subscriptions during ’the day amounted to £291,677, including £32,496 of redeemed promises. The sum of £9,965,000 is required before the closing date, June 16. The amounts and percentages of objectives of the 20 war loan districts are now: —Wellington, £2,635,032 (72 percent.); Southland, £826,611 (65); Auckland, £3,723,342 (64) ;. Wairarapa £240,422 (62); North Otago, £146,471 (61); Taranaki, £567,433 (61); South Canterbury, £356,422 (60); Wanganui, £459,192 (59); Otago £1,300,465 (58); Northland, £261,622 (58); Hawke’s Bay, £541,488 (56); Gisborne-East Coast, £245,406 (56); Manawatu, £604,229 (55); Marlborough, £137,198 (54); Waikato-King Country, £713,708 (53); Thames-Bay of Plenty, £288,120 (53); Nelson £277,243 (53); WeStland £171,447 (51); Canterbury, £1,487,554 (50); Buller, £51,873 (50). ‘

INVESTMENTS AT ASHBURTON. Although investments in the Victory Loan at Ashburton yesterday were better than on the previous day, they fell far short of the daily average of £11,068 required, being £2894 15s. The total in hand is £130,222 2s 6d, which is 45.7 per cent, of the target. Lack of support for the Victory Loan in the borough and county of Ashburton was mentioned by the Mayor to-day when he opened the annual conference of the" Mid-Canter-bury Provincial Executive of the Farmers’ Union. The loah committee, he said, was working all dut to ensure that the target for the district -was raised.' It deserved the fullest support from both town and country. Political considerations should be relegated entirely to the background so far as subscribing to the loan. Mr Bathurst appealed to;his.hearers to support the loan to the best of their ability and to urge others to do likewise.