ONLY A WEEK TO GO

Evening Post, Volume CXXXII, Issue 50, 27 August 1941, Page 5

ONLY A WEEK TO GO

THE VICTORY LOAN

WHY HOLD BACK?

"There's- plenty of money about," said Mr. Andrew Hamilton, president of the Stock Exchange Association, referring. to the New Zealand War Loan now before the public. Subscription to the loan officially closes on Monday next —not quite a week ,to go. Mr. Hamilton expressed himself as disappointed on hearing the Finance Minister say, in his recent broadcast, that "we have not yet reached the half-way mark for the Victory War Loan." "True," said Mr. Hamilton, "the loan follows closely on the recent successful conversion as well as the income tax drain only a few months ago. the National Development Loan in the first part of the year, and the Compulsory j Loan last September. THE COMPULSORY LOAN. "That loan, of course," said Mr. Hamilton, "had serious effects, and left its mark on many people and business quarters who might have subscribed today. "At the same time, there is plenty of money about, judging from the pre- j sent position of the Government Stock market and the banking position, and we should be able to have the loan fully subscribed without any great difficulty. There are many people with money lying idle in different accounts' which could profitably be lent to the country. Perhaps it is that they are not acquainted with the advantages of Government loans as a safe deposit! for their money. "Another point that seems to have escaped the attention of many business men is the ready means that the loan provides in setting aside liquid j funds with which trustees could at: once pay death duties and free the remaining assets in an estate. "In taking up death duty stock it is equivalent to setting aside cash today which is earning interest till such time as death duties have to be provided, and in the meantime that money is helping to win the war. When this point has been explained and fully realised a number of ready applications have come forward. "One of the worst features that seem to be holding back subscriptions," continued Mr. Hamilton, "is the continued concentration on politics, which is obviously clouding many people's sense of duty. On the one hand we are met with the reply that it is the duty of the wealthy class to subscribe, and on the other that the Government's spending programme has been too lavish. We are all entitled to our own views on politics, but while this loan is open the least we can do is to leave this argument alone and keep it in its proper place till we have found the money to look after the troops. THE MEN AT THE FRONT. "It is not much satisfaction to the men in the field to go hungry while their friends at home living in safety are arguing the point as to who should provide the money and which Government should be in power. If we do not win the war we won't need to worry what Government is in charge; that will be very forcibly settled for us. "Another important aspect that seems to be generally overlooked is the effect on our prestige overseas. While our war e.f|ort is undoubtedly good in many ways", the*old saying that money talks still holds good. If we cannot find a few. million pounds ourselves we have no right to expect England to bear the burden of financing other people as well as standing up to the sticky part while we live in comfort and safety. "However, during the last few days interest seems to have warmed up and brokers are getting better results to their appeals. It is to be hoped that the usual last-minute rush will reach the required total."