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THE LOAN FLIMSIES.

TO THE EDITOR OF "THE PRESS."

Sir, —The officers in charge of the loan transactions appear to hayo almost simultaneously arrived at the conclusions indicated m my former letter, 'l'jiey Have decided to Jiuny lound at much expense to remedy tue matter of identity lug tne purchasers of loan scrip and branding it. i\ow tiiey gp furtner, and will givo it tho safe custouy wmcu the ihiusy paper neeus. To a business man tne pxocuaure seems a c.umsy one. It is slated an elaborate form is being drafted (probably by the loan officers,) with tne "wuereas,". "forasmuch," and similar gibbciish ori a double foolscap sheet, and then on forms B, C, D, E, I l ', and other letters, of tho alphabot. A complicated-look-ing matter.- but still "veryj simple," will assure the certilicate-noider or nis and her position, and will accept the custody of the certificates "with eveiy caie, but no responsiuility." In certain vaults in Wellington the scrip can be. stowed, where neither ira>th, fire, nor thieves can approach within some yards. This may sfoit some, but tnero are many who havo got the impression that the loan certificates for £i 0 were equal to a ten-pound note, or a five years' acceptance, which might go iloating about or be discounted in an emergency. Thoso people will not wish to commit their loan scrip to the Government vaults. It is, in fact, held by them against their good memory as the only evidence they possess, and a dozen sheets of foolscap affirming they havo got it, will not equal tho confidence they now have in the certificates themselves. The majority will probably sooner keep it between the bed and the mattress than in the best vault in Wellington that was ever built. This is another way in which tho subject works —a woman wants a loan of £5 or a £10 certificate. She says her husband paid for two, one for her and the other for himself. In her name they want to buy a shack, and as they have all their money in the War Fund, sho asks amonied man if he can lend her £5. and ho can hold the certificate. Tho monied man, who does not do his business on any careless method, wants first to have the woman identified with the certificate. She says her husband paid for them in her presence, but they did not give their names. All the'certificate carries on its face of any importance, is an up-country post mark, and a number. She does not know if the number was entered or not. They did not give their names, and she thought the postmaster was in too much, of a hurry with the crowd in his office to notice them. I may say that of course, on such information which did not identify the Bcrip, and which though it was not "likely in this case, might haVe been picked up in the street, no loan could be made, and the parties are crippled in their efforts to obtain a little house, because they were patriotic enough to buy what they had been told was as good as_ two tenpound notes to assist the War Fund. All that was needed was a name on each certificate written at the post office issuing tho same, an entry of the number of the scrip in a register, and the signature of the purchaser obtained against it. Such a trifling precaution as that is all which companies

and building societies, etc.. require for certificates, and the purchaser is free to make all the use he or she requires of it. It is to be regretted that people's confidence should bo affccted, and tho quicker the matter is made right the better. And Ido not regret that my former letter has made them draw attention to the matter. —Yours, etc., CREDULOUS SHAREHOLDER.

Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/CHP19160912.2.19.1

Bibliographic details

Press, Volume LII, Issue 15693, 12 September 1916, Page 5

Word Count
648

THE LOAN FLIMSIES. Press, Volume LII, Issue 15693, 12 September 1916, Page 5

THE LOAN FLIMSIES. Press, Volume LII, Issue 15693, 12 September 1916, Page 5

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