AUSTRALIA'S WAR LOAN

Evening Post, Volume XCII, Issue 40, 16 August 1916, Page 11

AUSTRALIA'S WAR LOAN

(FSOM OUR OWN COBMSFONDENT.)

SYDNEY, 10th August.

The expectation that the subscriptions to the latest Commonwealth war loan floated in Australia would amount to at least £25,000,000 was not altogether realised. However, the actual total offered to the Federal Treasurer, Mr. Higgs, nearly £22,000,000, is one of which we have no reason to feel ashamed, especially in view of the fact that the subscriptions to the two previous loans of the fame nature brought in nearly £35,000.000. In connection with the latest loan New South Wales is ahead of any of the other States in the total applied • for, but Victoria leads 'in the matter of the greatest number of applicants. The subscription lists closed on Ist August, but we now learn that the Federal Treasurer has decided to'

"reopen" the lists until Ist September. By way of explanation he states tha.t it appears that a number of would-be subscribers did not fully understand the conditions, and that generally it was desirable to grant a further opportunity to subscribe. In criticism of this unusual course of .■ "reopening" loan lists, it is stated that Sir. Higgs was at fault in not stating specifically what instalment of the £50,000.000' authorised tobe raised was required by him oil this occasion. As it was, the public had no particular 3um to "work up to." Further, it is pointed out that sooner or later Mr. Higgs would have had to apply for another instalment.