WAR LOANS AND THE PEOPLE

Dominion, Volume 10, Issue 3087, 18 May 1917, Page 4

WAR LOANS AND THE PEOPLE

A reminder is given to-day by the Acting-Finance Minister that cro long the people of this Dominion will be called on to subscribe to another War Loan. Mil. Myers foreshadows a larger loan than that previously raised here, the _ increasing cost of our war expenditure accounting for this. We are spending now for war purposes at the rate of something like a million pounds a month, or roughly speaking at the rate of £l per head of the population. .In Great Britain they are spending at four times that rate, and the spirit of the people was never more determined and their resolution never more unyielding than it is at the present time. ' The call for sacrifice for the national welfare risds to greater and still s greater heights with the increasing demands made upon the comfort and convenience, the personal services, and the financial resources of its eitizens. The manner in which the people of Britain responded to the call of the Chancellor of the Exchequer for the last and greatest War Loan raised by the Mother Country is more fully detailed in recent files to hand than was disclosed in the cable messages published hero at the time. It is not only a remarkable achievement but a magnificent evidence of the solidarity of the nation and of the whole-hearted manner in which all classes are throwing themselves into the task of winning the war. Mr. Bonaii Law, in announcing the unparalleled, and to some extent unexpected, success of the loan—which, as is well known, reached over "5i,000,000,000, whereas the estimated amount was £700,000,000— presented an analysis of the figures showing

j tho directions from which the money cai'fifi, and the number of subscribers. The figures sill •ound are truly amazing, but most amazing of all is the number of people who came forward and subscribed to the loan. No less than 8,000,000 people out of a total population of 31,000,000 of adult age contributed to the loan. That is to say, over one-fourth of the total adult population, including Ireland, came forward with their savings or pledged their prospective earnings in, order to help, thoir country. A number gave tho money as a gift, others gave it free of all interest, still others lent it free of interest so long as the war lasts, whilo quite a number of ladies who had no money to lend sent as cifts their jewellery, which they asked the Chancellor of the Exchequer to sell and use the money for war purposes. Tho big loan in j 1915—it was regarded then as an enormoUß one—totalled £600,000,000, and tho number of subscribers was only 1,100,000, the banks providing £200,000,000 of the money. On the occasion of tho latest loan Ehe number of subscribers was nearly eight times larger. A comparison with the German war loans is both interesting and significant. Whereas the response to the call for British loans has shown a great upward movement, both as to the amount subscribed and the number of subscribers, the in Germany has been in the opposite direction. Germany's fourth and largest war loan amounted to £608,000,000, contributed to by 5,280,000 subscribers. The fifth and latest loan dropped in amount to £532,000,000, with only 3,810,000 subscribers. Ifc should be noted that ( subscribers of sums as low as one shilling are included in 'the German totals, whereas the lowest subscribers to the British loan were those who took up War Loan Certificates for fifteen shillings and sixpence. Furthermore, Germany has a population 50 per cent, larger than that of Groat Britain. This comparison goes to emphasise not only the tremendous success of the latest British War Loan, but thesplendid unity and patriotism of tho people. The result of the loan was a clear and emphatic'expression of the will of the people of . Britain to win the war at any cost. The example set by our countrymen of the Mbthcrland should not bo lost upon us when tho National Government brings down its second local War Loan a few months hence.