WAR LOAN SUBSCRIPTIONS

Dominion, Volume 11, Issue 257, 18 July 1918, Page 4

WAR LOAN SUBSCRIPTIONS

THE COMPULSORY PROVISIONS. : Tho Hon. Arlliur M. Myers, Acting- , Minister of Finance, made a statement yesterday with referenco to the compulsory provisions contained in section 18 ol' the Finance Act, 1918. -Mr. Myers stated that: the intimation that tlicso provisions were fo bo put info operation had a marked ell'ect in. bringing in subscriptions to the Treasury for tho recent loan. Tho Commissioner of Taxes is now going through the lists of subscribers, with the intention of sending notices lo those who havo not subscribed at all, and who are apparently in a position to subscribe. Tho first batch of notices was senl out on Thursday last, but tho present indications are that the number to be issued will not 1)0 very large. With regard to war loans, the Minister remarked that it will be remembered that in the year 1917 authority was granted by, Parliament, for tho Treasury to raise a sum not exceeding .£28,000,000 lor war expenditure. Of (his authority Ihore remained at the end of 1917 an amount of .£10,229,215 which had not been raised. In March, 1918, a fresh war loan of «E9,500,000 was issued by tho Treasury, and in response a sum of .£10,482,1180 lias been subscribed. "It will be seen, therefore." said Mr. Myers, "that after the launching of tho 419,500,000 loan, the 1917 authority had been over-subscribed by .£'253,1%. Under (lie Finance Ad, 1918, a fresh authority for .£20,090,000 was granted by the House. "It. is satisfactory to note that tho Treasury has so far been able lo provide the necessary funds and preserve an ample margin in hand to meet unexpected calls which may occur. "The. Treasury has not ceased to tako applications for investments, and will receive ofl'ers for investment in tho JC20,000,000 loan of 1018 should persons have funds at their disposal."