THE GREAT IMPERIAL LOAN

Evening Post, Volume LXXXIX, Issue 151, 28 June 1915, Page 6

THE GREAT IMPERIAL LOAN

There ia no need for the gift of prophecy in forecasting the triumphant success of the great war loan now before the British investor. Notwithstanding the example of the popularity with the small investor of the French Rentes, British Governments hitherto have been chary of inviting the small investor to lend money to the State. Unfortunately, his money lias gone into elusive rubber and oil and mining undertakings. Some hundreds of millions of pounds have been lost for want of reasonably remunerative employment in safer and, in particular. Government investments. Now all is changed. The new loan, which is for an indefinite amount, is open to the most modest investment. The return is high, viz., 4£ per cent, per annum, and the minimum term of redemption, 1925, is short. Every facility is placed in the way of investors in the United Kingdom to take up interest in the loan. Except through their Governments, their banks, or their large local companies, these appears to be no provision made for investors in these overseas Dominions participating in the loan unless through cabling instructions to agents in London. This, of course, the very small Dominion investor cannot do,- and the subscription list closes on 10th July. The only thing said against the loan, according to Mr. M'Kenna, is that the terms are too favourable to investors. At the same time there is a deficit of 518 million pounds, which the revenue cannot be called upon to make up, and the war is costing the United Kingdom three millions a day. We have no fear whatever for the triumphant success of the loan; but there i 3 another aspect of it to be considered, and it is this : The moral effect upon Germany of such a liberal response of the British people will have greater force than any high explosive, new gas,or other horror that can be invented or devised. It may bring the cessation of bloodshed and general peace much nearer than seemed probable before the announcement of its flotation 'was made.