BIG CAMPAIGN.

Auckland Star, Volume LXV, Issue 5, 6 January 1934, Page 9

BIG CAMPAIGN.

AMERICA'S LOAN.

RAISING THE MONEY.

Public Bond-Selling Drive

Possible.

THE TREASURY'S PART,

(United P.A.—Electric Telegraph-Copyright)

(Received 12.30 p.m.) WASHINGTON, January 5. Treasury officials, including the Secretary, Mr. Henry Morgenthau, jun., have expressed themselves as satisfied with Wall Street's reaction to President Roosevelt's extraordinary Budget- message.

Details of the 10,000,000,000-dollar financing project are being completed, and announcements of the methods are expected soon.

Reaffirming the President's use of the word "Borrow," Mr. Morgentliau, jun., is represented as feeling that any danger of currency inflation has been definitely eliminated. The Government will raise the money it needs through the sale of bonds, Treasury notes and other securities.

In view of the vast amount of money needed, however, some observers are inclined to believe that a campaign to sell securities to the public somewhat comparable to the World War Liberty Loan drives, might be undertaken instead of merely accepting bids from banks and insurance companies as is customary.

Mr. Morgenthau announced that the Treasury will soon start a campaign to realise as much as possible on about 800,000,000 dollars' worth of delinquent income taxes.