PREMIUM BONDS

Dominion, Volume 11, Issue 57, 30 November 1917, Page 6

PREMIUM BONDS

APPROVED BY CHAMBERS OF COMMERCE. A motion in favour of the issue by the Government and municipalities of premium bonds was carried by a narrow majority at the Conference of tho Associated Chambers of Commerce, The mattor came forward at a hito stage of the proceedings, after n.oro than half the delegates had left fer their homes.

A remit forwarded by the Gisborne Chamber of Commerce recommended "that steps be taken to obtain legislation necessary to permit of Government and municipal loans being Taised by tho system of jjremium bonds, as •successfully adopted in most of the European countries."

In the course of a brief discussion, widely varying opinions were expiossed by the delegates. Mr. H. K. Wilkinson (Dunudiii) said he hoped that the conference would have the good sense to reject the proposal. Mr. C. M. Luke (Wellington Central) protested against the encouragement of the gambling instinct. Mr. R. L. Paterson (Napier) said that he had always been opposed to gambling, but he thought that premium bonds represent, cd a very moderate form of gambling with compensating advantages.

Mr. J. A. Young, M.P. (Hamilton) urged the conference to accept the lead of France in \liis matter, Premium bonds had been proved to be the best possible -way of securing the investment of the savings of middle-class people .in State debentures, and they had the advantage of providing complete security for capital. The investor ■-would receive a State bond and, say, 2} per cent, interest. The rest of the interest would be pooled and used to provide prizes monthly for investors soieoted bv lot.

The conference adopted the roimt en a division by a majority of one vote.