"SATISFACTORY"

Evening Post, Volume XCV, Issue 67, 19 March 1918, Page 8

"SATISFACTORY"

NEW ZEALAND'S FINANCE

POST OFFICE BONDS: A GREAT

SUCCESS

WAR EXPENDITURE, £40,000,000.

STATEMENT BY SIR JOSEPH WARD

Speaking at the final public function of the Red Triangle, at the Chamber of Commerce to-day, Sir Joseph Ward said that the purchase of War Loan Certificates by. the public shows how large a sum may be raised by small individual effort. War Loan Certificates were first to the public in August, 1916. They were specially designed to meet-the requirements of those . who in the ordinary sense cannot be called investors, the interest upon them being computed at 4£ per cent., compounded and payable atthe end of the term of five years for which they were originally issued. Up to the end -of February last the amount of cash received /by the Post Office for the sale of War '■ Loan- Certificates reached a sum of no less than £2,900,340. Last year a further innovation was made by issuing certificate* with a ten years' currency. These are sold at 13s for every £1 face value; and the interest is computed at' 4£ per cent., compoundedl at the end of ten years, the public receiving £1 for every 13s'paid in. For the five-year certificates the public, received £1 for every 16e paid in. ■ A special issue of post office war bonds was made in 1917. .Sales were limited to £500 to each holder, and the interest Was fixed at five per cent. This was to meet the requirements' of those who, having a small amount of capital, could not afford to postpone the receipt of interest until the period of the loan expired, the post office war bonds providing for payment of interest halfyearly. This scheme proved a very great success, the eales up to the end of February Teaching the sum of £1,540,----465. . Dealing with the general loans, Sir Joseph Ward said the position was :—. ■ ■ ■ ■ ' ..• ■'''£'■■ Total authority granted by Parliament for raising war loans .: 56,000,000 Total amount raised up rto 28th February, 1918...... 46,000,000 of which £19,500,000 were borrowed in London and £26,500,000 in' New ' Zealand. Total war expenditure to _28th February, 1918 40,000,000 This includes outstanding imprest accounts. In addition to this expenditure there ware several months' contributions at the rate of . y „£650,000 per month in .; arrear to the Imperial : Government for maintenance of troop's. . , Tile total amount borrowed since ■ the commencement of the war for all services amounts to 52,000,000 of which £19,500,000 were borrowed in England and £32,500,000 in New, ; Zealand. Sir Joseph Ward added that the revenue for the eleven months showed an increase of £2,515,138, and the expenditure for the same period an increase of £77r,398. The net increase of revenue for the eleven months was £1,744,740. He was glad to re-affirm that the position at the end of the year would be very satisfactory, but he said that all the increased rfcvenue would. be required; and he was glad to 1 repeat the assurance that he recently gave that there would be no increase in taxation.