OVERSUBSCRIBED

Bay of Plenty Beacon, Volume 6, Issue 89, 13 July 1943, Page 4

OVERSUBSCRIBED

THE greatest loan in New Zealand's financial history has been heavily oversubscribed. The target of £35,000,000 has been exceeded by £4,054,386 with' further- subscriptions gtiil to come to hand. The final figure is made up as follows—Stocks,s7o applications for £29,609.755. Bonds 182,193 applications for £2,063,429. National Savings at least 175,000 for a total of £7,381,202. The Thames postal area which includes Whakatane subscribed £540,120 or only 63 per cent, of its target figure. This has created a sense of keen resentment in Whakatane which more than fulfilled its target of £75,000 and oversubscribed that figure by several thousand. It is suggested that a fairer basis of announcing the results would be by giving the names of the individual centres. In this way no one dis-i trict would be blamed for the disinterestedness of its neighbours.

Three Inches of Rain

The rain recorded in Whakatane last Sumkiy was no less than 2.0!3 inches. This together with the half inch recorded lor Saturday brings the total lor the week-end to over 3 inches. The consistent nature oi the fall brought about many cases of minor flooding but no serious damage has, been reported. The weather though more, settled than pre-1 viously still bears promisee of yet mo-re rain.

Light Metals Industry i

Bright prospects for the light metals industry in New Zealand were seen by Mr Clyde Carr (Government, Timaru) in the Budget debate in the House of Representatives. He said it had been .suggested at one; time that New Zealand, should import bauxite for the production of aluminium, but it had now been found, that New Zealand clays contained a large percentage of alumina. There was also dolomite in New Zealand. Electric power and salt were needed in the development of the ligUt metal industry.