£20,000,000 WANTED IN SEVEN DAYS

Dominion, Volume 38, Issue 3, 28 September 1944, Page 4

£20,000,000 WANTED IN SEVEN DAYS

Need For Loan Success HINT BY GOVERNOR OF RESERVE BANK The Victory Loan of £40,000,000 now stands nt £20,692,498 with seven days, including a weekend, before it closes. That leaves more than £j1,000,000 to be invested daily for the remaining six week days if the loan is to succeed. Wellington district is now 41 per cent., or £1,916,340, toward its objective of £4,674.000. The percentages of objectives reached by the 20 loan districts are;—Southland, 68 per cent,; Auckland,’. 60; Otago, 53; Taranaki, 50; Marlborough, Gisborne-East Coast, each 49; North Otago, Wanganui, each 4u; Mauuwatu, Hawke’s Buy, Northland, each 42; Nelson, Wellington, each 41; Buller, 40; Westlaud, 37; Waikato-King Country, 36; Wairarapa, Canterbury, each 35; South Canterbury, Thames-Bay ot Plenty, each 34. ; Johnsonville has exceeded its objective of £10,01)0 by £741, being the second sub-district of the Wellington loan district to reach the quota. It challenges Eastbourne, the first to exceed its objec-’ tive, to show a better response when the final figures are published. The Johnsonville committee, confident that it can raise another £7OOO to £BOOO, asks all its residents to get behind it in the challenge. There will be no house canvass but a gala day bond drive will take place in the streets on Saturday. Early contributors are asked to make their free reservations by telephoning Mr. 1. Jacobs, 36-948. The staff of the Ford Motor Company (New Zealand), Limited, has £BOOO toward its objective of £lO,OOO from 1000 employees, after eight days. The highlight was the investment of £l6OO in oue lunch, hour. . The Mutual Life and Citizens Assurance Company has invested £500,000, and the South British Insurance Company £300,000. „ . v Woolpack employees at Foxton have invested £lOOO already and the company has added £2OOO. . Further investments include Union Insurance Society of Canton, Limited, £10,000; Horace Smith, Aubrey G. Smith, C. Smith, Limited, each . £5000; Todd Motors, Limited (provident fund), £2000; Manawatu Knitting Mills, Limited, Palmerston North, £1000; Knitex, Limited, Palmerston North, £500; employees of Amos Softgoods'(national savings), £250; staff Shell Oil Company (New Zealand), Limited, £154 (second instalment) ; Bond Street Models (Ethel K. Mantel’s staff), £2lO (national Savings) ; 50 members of the head - office staff, Department of Health, £1541; Ohingaiti, 50 per cent, of objective and best performance in radio telephone appeal; British Buttons and Buckles, Limited, 95 per cent, staff contribution, including £lO5 from one woman employee; New Zealand Motor Bodies, Limited (Petone), 43 out of a staff of 100 have purchased bonds; Hutt Valley Competitions Society, £5O. The bond wagon and Ohakea station band will be at Mangaweka today. Women’s organizations selling in the street of Wellington yesterday reached £lOO by lunch time. A feature of the loan effort is the readiness of the small investor. Today at Victory Corner, students of Victoria College will provide the entertainment. Blunt Appeal. The governor of the Reserve Bank, Mr. W. F. L. Ward, in a talk on the Victory Loan last night said that evidence was not Inciting that some people who bad large assets were not investing as much as they should. Various excuses were made. Some stated they had no ready money—their money was tied up in shares, stock, land, or other property. The plea of no ready money was not a good excuse. Investment in the loan could ibe made by getting temporary accommodation from the banks. Some said they could not subscribe because they wanted the money to buy goods to replenish their stocks. Surely the most important consideration just now was to meet the costs of the war. When goods became available the requirements of the devastated countries would come first. New Zealand would have its turn later. In the meantime let them provide the money needed for their defence. Mr. Ward said that he was “rubbing it in." He wanted to be blunt and straight in the hope that he could correct the apathetic feeling which seemed to prevail among some people who apparently could think of nothing, but themselves. He urged them to think nationally, because they had a national duty to perform, the country to defend. “We are not asking for the money for fun.” continued Mr. Ward. “We are in deadly earnest—to save us from the horrors of something worse. Lip talk about New Zealand is cheap and easy. Give us something tangible now to back up our efforts to subscribe the loan fully.” The money must be found in some way or another, and the only sound alternative to voluntary loans was increased taxation. For the money that was lent the lender received stock wihch was a readily salable asset. He could sell'it at any time he required cash. Not so with taxes. It was an indictment of thousands of people that up till the present time the number who had taken out inscribed stock was between 19,000 and 20,000 compared with nearly 50,000 for the same period of the Liberty Loan. Excuses and easy consciences were no good—the money was here while the goods were not. “There are only six days to go to subscribe the amount of the Victory Loan, or then what? I leave you with that thought,” concluded Mr. Ward.

OUTLOOK SERIOUS

Appeal To Wellington ‘Tut bluntly, the outlook is decidedly serious. The public must now be told that wo view the position with deep concern,” said the chairman of the executive of the Wellington .District Victory War Loan Committee, Mr. R. 11. Nimmo, yesterday. “Wellington has always taken a lead in any national venture and in the last Liberty Loan finished in second place out of all the districts in New Zealand. Are we going to fail to give a lead now? My executive never doubted that Wellington would, in the end, obtain its objective. We are grateful to those who have done their utmost so far. Now if those who have not helped do not act promptly, failure is a distinct possibility. “I would ask the people of the Wellington area: Are you prepared to stand by and let the news be flashed to our men in the heat of battle that the capital city and surrounding districts have let them down and failed to back them in their victorious attacks? Let there be no mistake, if our voluntary obligations are not met, we can blame no one but ourselves if we are subjected to increased taxation or a compulsory loan. There is no side-stepping this matter—the money must and certainly will be found. I appeal to the Wellington public to support the mayor, Mr. Appleton, in his last broadcast statement, ■when he told New Zealand that Wellington would meet its obligations.”

MR. FRASER SURE OF SUCCESS

Big Tasks Still Ahead Though Hie loan had not received the impetus that had marked the early stages ot previous loans, he was confident it would go with a great swing next week, that the full amount would be subscribed, and that the honour of flic Dominion would be maintained, said the Prime Minister, Mr. Fraser, last night, when another all-parly endorsement of the Victory Loan campaign was given by speakers on both sides of the House of Representatives. Among the reasons for the slow impetus of the loan over the early stages was that many people had the mistaken idea that the war was already over, and that their responsibilities were finished, said Mr. Fraser. This was far from so, but he believed that just as Generals Eisenhower and Montgomery needed room to get properly under way. so he believed that the war loan, now that it was getting under way, would bound ahead as did the Allies once I hey broke out of the Normandy pocket. Another mistaken belief was that there would be full scope for investment and the resumption of trade onco tho

war with Germany was over. He was not a pessimist, bit lie felt that the war with Japan would last another 18 months to two years after Germany's defeat. This would mean the maintenance of forces in the Pacific. Once tlie people realized these facts they would leave nothing undone to ensure that the loan was an unqualified success. Tlie Leader of the Opposition, Mr. Holland, said he shared the optimism of the Prime Minister that the success of the loan would be assured. He addressed an appeal to all capitalists, to all people with money, to come forward with their investments. There was a plain duty before all people to lend their money in defence of their country. There should be a personal stocktaking by all to see that their contribution measured up to the sacrifices being made at the fighting fronts, on thei seas, nnd‘ in the air.