WOULD-BE INVESTORS IN THE LOAN

Evening Post, Volume XCIV, Issue 52, 30 August 1917, Page 7

WOULD-BE INVESTORS IN THE LOAN

RELATES HIS EXPERIENCE.

MATTER BEFORE PARLIAMENT.

The following interesting letter. ..was read by Mr. H. Poland in the House«of. Representatives yesterday aftemoom: — "Wanting to feel patriotio, I was this morning spurred on by the receipt-rfrom a leading firm of sharebrokers of a._pacriotic appeal and a lot of matter'(printed, by the way, by the Government. Printer) urging me and others ttK.be»pa» triotic and invest our little bifc'-'irr'Nev Zealand' 6 second .War Loan.

"Having, as I thought, £300© cash, x I decided to do so,

"I also understood, par morning* papers, there were available patriotic banks and. sharebrokers espousing the cause, and auxions, m the cause of patriotism, to help Us to do our little bit. So I called on the patriotic bank, whero ■ my cash was deposited at 3^ :per cent., and tho patriotic bank agreed, in its sense of patriotism, as per its patriotic arrangement -with His Majesty's New Zealand patriotic Government, to advance me 80 per cent, of the amount'Of my 'cash ■which the patriotic bank held, § viz., £2400, at 5^ per cent. (2 per cent, more than the patriotic bank -was-paying me), provided I would deposit with it my inscribed stock for £3000, and pay , if £600 cash as well. That is, the patriotic bank had my £3000 for £105' per annum interest, and out of. it. the patriotic bank lent me £2400 for £132 interest per annum, and had the benefit of my £600 cash as well as the £600 difference between my deposit and the ad- . vance, a little annual patriotic profit to the patriotic bank of £72 without investing or risking one penny on this patriotic transaction. Where is the benefit to-- the cause or. the patriotism ot the hsnki?. "I thought the patriotio sharebrokers would answer this question, so I. went to them. Their first .question vras: 'Has your application got our stamp on it?' I said 'Why? It is a Government form printed by "tho Government Printer.' ( " 'Oh, yes,' replied the patriotic sharebroker, 'but we waat to know if our office boy branded cur official rubber stamp on it, otherwise we don't get? our commission.' " 'Your commission!' said-1 in'amazement. 'Your commission on what!' " 'Why, on patri&t-ism. at ceuise. Give us your cheque, well deduct our commission, tho Minister of Finance tcQI be happy, the public won't know. We'll all have a drink, and sing Rule-Britan- '"' 'I said,. 'Well, I'll be !' "My money is still on fixed deposit at 3J,- per cent., there ia £3000 less, contributed to the patriotio loan, and ths patriotic band is one momber short." Sir Joseph Ward said that if Mr. Poland would get the name of tbe bank I and of .the share-broker he would have ! enquiries made. The banks had agreed with the Government to make advances up to 90 per cent, at a rate not exceeding 5-i per cent. They had agreed to help in every possible way, and he behoved they would faithfully carry out their promise. Brokers were entitled to a half per cent., and he did not believe that any sharebroker would abuse his positions to ■ get more.

[Other items regarding the . Liberty Loan appear on page 3 of this issued