THE PENDING WAR LOAN.

Auckland Star, Volume XLVIII, Issue 148, 22 June 1917, Page 6

THE PENDING WAR LOAN.

STATEMENT BY MR. BEAUCHAMP, The subject of the war loan to he floated in New Zealand this year was alluded to by Mr. H. Beauchamp. chairman of the Hank of New Zealand, in his address to shareholders. He said: " The Acting-Minister of Finance has already warned the country that the Government will issue another war lo.tn as soon as the necessary authority is obtained from Parliament. Having regard to the heavy strain in the financial resources of the Mother Country, it seems to mo to be only right that we should endeavour, within the limits of our resources, to finance our own war expenditure. The objects of the loan must appeal to the patriotism of every section of the community. Much of the money raised will be disbursed in the Dominion, and a substantial portion will go towards the support of soldiers' relatives living here among us. We must, therefore, as loyal subjects of the Empire, and as good citizens of New Zealand, be in favour of the loan, and accord it our sympathy and support. The financial position of the country, lo which I have just referred, is such that there can be no doubt of our ability to provide what is necessary. The Earl of Derby, British Minister for War, speaking on the subject of the British ' Victory' war loan, stressed the point again and again that the three things necessary to bring the war to a speedy and satisfactory conclusion are, money, men. and munitions; and he. further specially emphasised that those necessaries are required in the order in which they are stated—money being the first and greatest essential. I am sure, if the people of this country can be brought to realise that fact, the fate of our own ' Victory' war loan will not be in doubt, and it would he gratifying if il were crowned with a success proportionately as great as that which attended the 'Victory' loan of the Imperial Government, to which over £1.000,000.000 were subscribed —an nmotint exceeding the British Treasurer's most sanguine estimate by about 50 per cent. Here is a way in which those of us who are incapable of bearing arms, and enduring the fatigues and hardships or waifare, can contribute an essential lo victory, and do our part toward., the iichic. ement of the indispensable end iv the only way possible for us. Till-: SECOND DIVISION. After referring lo the failure of military operations on the Russian front, Mr Meaiichamp said: "An carlv termination is very desirable from a New Zealand standpoint, for, if it be prolonged, it 1 must have very serious economic effects in the Dominion. Wo have very nearly exhausted the number of men of'military age in the First Division, and must soon be culling upon those in the Second Division. When this happens there is bound to be a serious dislocation of the labour market, and many industries must be affected. H is imperative that we should face this matter squarely and not content ourselves with mere hopes or valueless opinions. The British Empire is determined upon victory, and we must do our share towards that end. whatever sacrifice may be involved. The one great ray of hope mi the troubled prospect is the help that the L'nited States of America is able and willing to give. The Americans have been slow to move. but. now that they have beg,,,,, their efforts arc increasing in momentum, and the Allies are assured of the fullest support that America can afford. There can be, and there must be, no premature peace. Such a peace would be dearly bought It would be but an armed'truce, with no relief from militarism— the spectre which has haunted European .civilisation for the past forty years." I