WANGANUI PATRIOTIC FUND.

Evening Post, Volume XCII, Issue 41, 17 August 1916, Page 8

WANGANUI PATRIOTIC FUND.

WANGANUI, This Day

The Wanganui Patriotic ■ Committee has decided to invest £10,000 in the war loan.

Sir,—May I say that if Sir Joseph Ward's reply to the suggestion that means might be discovered by which people having money on fixed deposit in borrowing institutions for a definite period could release those amounts and invest them in the War Loan is correctly reported he has entirely missed the point. The suggestion does not in any sense indicate, that the Government either would or could "commandeer anybody's or any company's money." It was made with the view of finding a way whereby persons willing and anxious —not against their will, as Sir Joseph strangely misinterprets it—to invest in tile War Loan could utilise funds for the purpose which are now on fixed deposit, and are therefore, for a time at least, unavailable. It is obvious that a person having a few hundreds of pounds in hand does not usually allow his money to remain unproductive. Naturally lie will place it, or as much of it as he can possibly spare, where it will bring him some return in the way of interest. It, would be safe, to say that there is a very considerable sum invested in this way by fixed deposit in the various loan institutions in the city. What I suggest is that the Government should provide a means to accept the securities of these deposits at their i'nee value, and issue to the investors war bonds for a corresponding amount. The Government would lose nothing by the transaction, as it would, until the period of the deposits matured, draw the interest fet. .would otherwise accrue-,to ,:the : .<Le : ;

positors. The suggestion, of course, implies that applications of this character could not be accepted on the 25 per cent, instalment basis—payment would be made in full for whatever amount was applied for.—l am, etc., BUSINESS MAN". 16tli August, 1016.