THE CLOSING DAY

Evening Post, Volume XCV, Issue 89, 15 April 1918, Page 8

THE CLOSING DAY

EXTENSION OF TIME HINTED AT

In tb.6 House of Representatives Sir Joseph Ward referred to to-day as the closing day of the war loan : " I do not Bay," he stated, "that the loan will close shutting right down like tlje lid of a bis, because I believe that is impossible." He was mentioning at the time the necessity for expediting certain war loan provisions in the Finance Bill. EXTENT OF SUBSCRIPTIONS. . " We have a loan of 9i millions," said Sir Joseph Ward in the House of Representatives on Saturday, " which even now is'nothing like fully subscribed. I feel compelled to say that. We have had to take all kinds of other steps to j ensure our getting the money. The coun- ! I try was remarkably strong from the j ' financial point of view; stronger than ! ! any of the other self-governing do- ] minions. If they accepted the advice ; of hon. members the rate of interest would be 12 pcr 1 cent, in a very little while." COMPULSION NECESSARY. Discussing the exemption of War Loan stock from income-fax in the Legislative Council, the Hon. J. Barr contended that unfair advantages were given to a class of the people. They received special j inducements to invest in the loan.

Si" Francis Bell: We have come to the end of that. We have come to compulsion.

' Mr. Barr: We should have had compulsion from the start. Sir Francis Bell said that Mr. Barr's remarks indicated that the investment was a, specially good one, which would be rushed by the wealthy people. -Ths' fact was now that it was not good enough without compulsion. Mr. Barr: It has been rushed in previous loans. BIG SUBSCRIBERS A few days ago Sir Joseph Ward anrounced that one large public institution had made a very big contribution. It is understood that the reference was to the A.M.P. Society, and that it has subscribed £400,000, of which £150,000 i? intended for distribution among shareholders.

Other considerable subscribers are:— Auckland Savings Bank and Colonial Sugar Refining Company, £100,000 each; New Zealand Insurance Company and South British Insurance Company, £50,000 each.