FUNDS FOR WAR

Evening Post, Volume CXXX, Issue 155, 28 December 1940, Page 8

FUNDS FOR WAR

NEW SECURITY ON SALE

MEDIUM-TERM INVESTMENT

BRITISH BORROWING

SUCCESS

LONDON, December 27.

The Chancellor of the Exchequer, Sir Kingsley Wood, in a broadcast tonight, announced that the Government will place on sale on January 2 a new security to raise funds for the prosecution of the war. This new security is designed to meet the demands of those who require a medium-term investment. It will be called the 3 per cent. Savings Bonds, 1955 to 1965.

The issue will be made at par and repayment will also be made at par in 1965 or if the Government gives notice during or after 1955,

In announcing the issue of this new security, Sir Kingsley Wood traced the successful record of Government borrowing since the beginning of the war. "I know," he said, "that the system of keeping loans on tap is generally welcomed. It is convenient both to the lender and to the Government, and I propose to continue it. The 2£ per cent. National War Bonds, 1945----47, which have been on sale for the past six months, have realised so far no less a sum than £429,000,000—a fine achievement. Since November, 1939, the British Government has raised the colossal sum of £1,269,000,000 oy means of loans."

Sir Kingsley paid a tribute to the patriotism of the British public in contributing these huge sums in the form of loans. "I thank you for it," he said, "but I ask for more. The need for the best weapons for our men and for all that modern warfare demands is, I think, clear to all."