VICTORY LOAN IN CANADA

Press, Volume LXXVIII, Issue 23748, 21 September 1942, Page 6

VICTORY LOAN IN CANADA

OTTAWA, September 9.

Canada is preparing to launch her third victory loan. In a week-long tour of Quebec Province the Minister of Finance (the Hon, James L. Ilsley) is pressing the Urgent need for voluntary saving and lending to the nation to keep the wheels of war industry moving. “If we are to finance this war,” Mr Ilsley told a Montreal gathering of National Finance Committee workers, “we all must save to the limit of our capacity and put those savings at the disposal of the nation.” Mr Ilsley ruled out the printing of more money and unrestricted borrowing from the banks, as leading directly to untontrolled inflation, adding: “I can think of no greater calamity than uncontrolled inflation. People would be plundered and ruined by this disastrous, insidious condition. Nothing short of military defeat could be so injurious as runaway prices.” The current year’s budget calls for the record expenditure of 4,000,000,000 dollars, mostly for war. Approximately 52 per cent, will be raised by taxation. All previous war loans were over-subscribed. The third victory loan, it is expected, will be floated about the middle «£ October,