A LOAN OF £2,000,000

Dominion, Volume 8, Issue 2551, 27 August 1915, Page 5

A LOAN OF £2,000,000

TO BE RAISED LOCALLY APPEAL TO SMALL INVESTORS The Government has very carefully considered the best method of providing moneys for. carrying on public Works, and, in view of the great difficulties in the way of borrowing in the Home market except for war purposes, it has been decided to raise money by issuing debentures in the Dominion. It is proposed to issue free of income tax, debentures for the sum of £5, or multiples of £5, at 4} per cent., and the ■ period will vary according to tl'.o desire of the subscriber, but will in no case exceed twenty-five years. It is tho intention of -the Government to accopt deposits on account of the loan _ through tho post, offices in the Dominion, and - through recognised brokers at a commission of ss: for every • £100 contributed through t'hem." Tho total amount to be raised will be limited to £2,000,000, .and in this" sum is in-, eluded £500,000 for additions to open lines. The minimum value of a. debenture hag, b.yea fixed at a JW® low,

figure ,in order, that all classes of , the community may bo able to, assist tha Government, and I make this appeal to tiie people of the Dominion feeling confident that they will be glad of a further opportunity to express their patriotism. It may not be out of piaca if I here quote from a speech mado by the Chancellor of tlio Exchequer in tho House of Commons in June last. When explaining the -details of the recent great war loan raised with such conspicuous success from all classes of the community at Home'. Mr. M'Kennasaid: "He who subscribes to the country's need, at the present is in . "truth.doing an act of mercy, and j liis act benefits both'him and the country to which he gives. He who ■subscribes now, and saves in order to subscribe, will bo able to bear ,'the strain when the war is over. He will be thankful for the, efforts lie has made in the struggle to keep himself, but still dearer to him must be the knowledge ■ that every aid lie' gives, to himself he is ' multiplying ior his country,' and that his country will bless, him for his providence and for his generosity.". I «m hopeful that, in addition to moneys for' public works, sufficient funds''will be/available to meet the reasonable requirements of i settlers, workers, and;local bodies from tho-de-posits in ,the Post Office Savings Bank, and every effort'will be made to do so. Local bodies niust restrict their applications- to 'necessary works, as ifcjs not possible during these tiroes to consider demands for conveniences that , can' be deferred until after,'the war is" over. I take the opportunity of appealing to honourable , members not to press for or expect ,tlie Government to meet- demands for buildings on a large scale. They . must give; precedence to other mora: pressing matters. ;■ "The Righteousness that Exalteth a • Nation." Thero is no portion of the civilised world which is not, to a greater or less oxtent, • feeling-the effects of the war. The people of this Dominion, in com-' moh, with their fellow-countrymen in other parts of .the Emp : re, are offering .their sons'ungrudgingly in order that the Empire's cause may be successfully vindicated,- and no tribute that this House could vdffer to the memory, of those nien who have given their, lives at : their cortntry's call would'be: too great. Nor is .it possible to thank sufficiently those men and women who have sacrificed their'money and their comfort in ofder'that they may assist in succouring the wounded, vnd in other ways •have furthered the great cause which to all of us is privileged trust and a sacred- duty. . Let us hopfi that before I again have to submit a review of the finances of the Dominion to the Hotise and to the country this devastating war will be a thing of the past, and. that.the 1 Empire will have emerged triutnphantly from an ordeal-which, however much we may deplore its frightful incidents, hais. still had the effect of welding together more'- closely the • component parts of the Empire, and ha 6 taught it afresh-that in unity lie's its great strength, _ Tlie critical times through which we are passing have caused a wave of patriotic to sweep the Empire, the effects of which must inevitably mako for liberty 'and justice and for the righteousness that exalteth a nation.