THE GREAT VICTORY WAR LOAN

Dominion, Volume 10, Issue 3015, 28 February 1917, Page 5

THE GREAT VICTORY WAR LOAN

STATEMENT BY THE CHANCELLOR OF 'IKE EXCHEQUER OVER A THOUSAND MILLIONS (Rec. February 27, 5.15 p.m.) London, February 26. Mr. Bonar Law said that shies his last statement regarding tho War Loan, over 200,000 applications, which previously had not been examined, had been totalled. Tho result was above- what even a week ago he would not havo considered to havo been possible. Over one thousand millions of new money had been received, as follows:— Applications Xrom the Bank of. England 8W.586.C00 Converted Treasury bills 130,711,950 Through the Post Offlco „ 30,715,000 War Savings Certificates _.. 19,300,005 Total £1,000,312,950 .Regarding the conversions of Treasury bills, the Chancellor pointer out that the average period of these was four months/ and ho thought it right to consider.tho State's freedom from them as being equivalent to new money. In addition to the thousand million, the Treasury received a total sum of £196,000 from eighty-seven individuals, free of interest, and also £64,000 from forty-four others as gifts. The number of subscribers to tho 1915 loan was 1,100,000, equally divided between the Post Office and the banks. There were eight million applications for this last loan, including 1,089,000 through, the Post Office; 5,600,000 certificates were sold, representing 2,800,000 subscribers. Though Germany's population was 50 per cent, greater than Britain's, the subscribers to the last German loan totalled only 3,810,000. The great bulk of tho earlier British loans had been converted, as also had £233,000,000 of Exchequer bonds, lowering the debt, which now stood at £994,000,000, as compared with £652.000,000 when the loan was floated. Gifts of jewels by ladies and others were returned. He paid a tribute to the patriotism which had prompted such offers.—Aus.-N.Z. Cable Assn.

. THE ITALIAN LOAN. Rome, February 26. It is officially announced that the subscriptions to the new Italian war' loan exceed eighty-seven millions, of which sum fifty-eight millions is of new money.—Aus.-N.Z. Cable Assn.