WAR LOAN DEFAULTERS

Press, Volume LIV, Issue 16308, 4 September 1918, Page 6

WAR LOAN DEFAULTERS

♦-i TEXT OF OFFICIAL DEMAND. Tho following is tho text of tho notice served upon non-subscribers to the War Loan after failure to arrive at an amicable arrangement with tho Tax Department:—"Take notice that you are required, under the provisions of • bcction l(j of the Finance Act, 1918 to contribute to the loan authorised by the War Purposes Loan Act, 1917, the sum of £ on or beforo (date). If you have any objection to offer you aro hereby requ ir ed to state fully in writing the grounds of your objection. Objections must be received at tho office of the Commissioner of Taxes, Wellington not later than (date)." The circumr is signed by D. G. Clark, Gommissioner of Taxes, It is understood that tho number of these circulars issued is not very large, lhe Act provides for no exceptions among thoso who should subscribe and do not, and the penal rate of interest ' is, in'all cases, 3 per ccnt. instead of 4J per cent. A simplo method is being used to prevent persons liable to make compulsory subscriptions from taking up a quota at the full rate of interest, for no bonds aro being issued now without enquiry as to whether the applicant has complied with the requirements of tho Act.