THE SOLDIERS' LOAN

Evening Post, Volume CII, Issue 48, 25 August 1921, Page 7

THE SOLDIERS' LOAN

BALANCE NOW REQUIRED

SUBSCRIPTION BY COMPULSION.

The balance of the £6,000,000 soldiers' settlement loan is now to be raised under the compulsory provisions of the Act of last year, and notices to this effect are being issued by the Commissioner of Taxes. Subscriptions to the loan totalled," roughly, £4,500,000. The Minister of Finance (Mr. Massey) stated after the announcement of this result that he did not intend to apply the compulsory provisions of the Act immediately, in view of the financial stringency that had arisen, but he indicated that persons who were liable to subscribe to the loan and had not done so would be called upon, later.

The regaining portion of the loan is required now in order that funds may be available for the discharge of the Government's commitments under the soldier settlement scheme. It appears that some taxpayers have/beon under the impression that the" provision for compulsory subscriptions had been definitely suspended, but the no.tices make it clear that this is riot the case. The Act provides that the amount which any taxpayer may be required to con'trir bute to the loan shall not exceed the yearly average of the land and income 'tax paid or payable by him for the three years ended 31st March, 1920.