THE WAR LOAN

Evening Star, Issue 16197, 19 August 1916, Page 9

THE WAR LOAN

TIME OF CLOSING

EXTENDED FOR SMALL IN-

VESTORS.

[Special to thc '* Stak.'.]

WELLINGTON, August 19- " Applications for bonds of £SO and. upwards of the war loan "close- on Holiday next, as originally announced," said Si? Joseph Ward last night; "but the time for the sale of certificates of £1 to £SO has been extended for a few weeks in response to . representations made by small investors who jyisk to support the loan, but want time to secure the cash. It must be remembered that many persons receive their salaries at the end of the month, and the Government wish to offer every reasonable facility to such persons. The response of small investors is already large, and I,hop"e many thousands will take advantage of the extended opportunity to play their part in the war by providing silver bullets." •SUCCESS BELIEVED TO BE ASSURED. [Special to the ' Stae.'] WELLINGTON, August 19. Applications for bonds and certificates are reported to be .coming in freely from all parts of the country. The "Minister of Finance will not be prepared to make a statement on the subject until Monday, but there seems no doubt that the success of the loan is assured. The Treasury Sias reason to believe that many subscriptions have still to come from persons and firms who have held back until towards the close of the period allowed. The time for the piuxhase of bonds definitely expires'on Monday evening.

CHAMBER OF COMMERCE TAKE ACTION. A CONCESSION GRANTED. The secretary of the Chamber of Commerce, Dunedin ■{Mr Peter Barr), received the following telegram relative to the war loan from the Minister of Finance (Sir Joseph Ward) yesterday, the reply to a message jerit to Mm by the chamber yesterday afternoon:—'" I am surprised to learn of the opposition to the proposal for 25 jsars. This Las been done advisedly, and, in view of the fact that these bonds must appreciate considerably beyond par, I should have thought tho long term waa an advantage. For your information, two other important financial institutions strongly represented advantage of 25 years arid riot 14." In reply, Mr Barr sent the following telegram to Sir Joseph" Ward :—" Hope telegram not misunderstood. Opposition not to 25 years, but to restriction of concession to that term. Council of chamber cannot understand why concession not given for 14 years also. Why not let investors choose?"

In reply to this message Mr Barr received the. following from the Minister of Finance : —" As some intending subscribers to war loan do not apparently see the value of investing for 25 years instead' of 14 I shall meet the views of those who want to invest for 14 years by putting them in the same position and accept any one sum up to £20,000, to bear interest from September 1, providing their application is in on or before the 21st irist. I wish at the same time to express the opinion that in all probability an opportunity for the longer term upon such favorable conditions is unlikely to arise in this country for many years to come." A Press Association tele'gram from Wellington states that Sir Joseph Ward added that the bonds would be readily saleable, and "in all probability in the next few years would be at a premium. He could not understand why anybody should by preference select the shorter instead of tho longer term. From an investment ■ .point of view the advantage was oh the side of the longer period. MEETING POSTPONBi). The Mayor had called a meeting of citizens for yesterday afternoon to con, eider what measures would best assure that Dunedin and Otago do their s'mve in the subscribing to tho war loan, but it was deemed advisable, after a short discussion between Mr Clark and several leading citizens, that the meeting should be postponed until a committee decided upon the best means adoptable to further the objects of the Government.. The following general resolution was approved: " That, realising as ive do the paramo ant importance of each of the self-governing portions of the Empire pursuing a self" reliant financial policy in the conduct of their respective parts in this great national struggle, this meeting urge tho people of Otago to support the appeal of the National Government by subscribing to the War Loan. Further,* we are fully persuaded that, next to actually sending men fully equipped to the firing line, iio more direct and practical method of assisting the Empire at this time of national trnd could possibly be afforded than by making it possible for our Government to finance our own share of the war, and thus, to that extent, case tho enormousfinancial strain on the Mother Country." MEETINGS AT OTHER CENTRES. At a public meeting at Christchurch last night the following motion, moved by the Mayor, seconded by the Hon Mi- Wiirram. end supported by representative professional men, was earned:—"That this meeting of citizens of Christchurch desire to impress_ upon tho people as a. whole tba imperative necessity of supporting the war loan by inverting therein to the utmost; of their ability, 'as an ample supply of money is a.s essential to victory ae "is a constant stream of soldiers to* reinforce our boys at the front." A motion was also passed urging employers to invest in the loan for their employees. A public meeting was held in the Municipal Theatre at Napier last night. Speech©? were made by prominent citizens, and £6OO were subscribed. Afterwards arrangements were mad© for the sale of certificates in the streets.

A public mtrttins held a* Oamaru last riight war, addressed by the Mayor (Mr W. 11. Frith), Mr Robert Milligan (chairman of the Harbor Board), and Mr F. Milner (rector of the Waitaki Boys' High School). There is a keen demand in Oamarn for war certificates. The Oamaru Hospital trustees have decided to invest £I,OOO and the Waitaki Acclimatisation Societv £3OO.

HOKITIKA SAVINGS BANK INVEST,

[Peb United Pbess Associatiom.]

HOKTTIKA, August 19. The trustees of the Hokitika Savings Bank decided at yesterday's meeting to apply £IO,OOO to war bonds in the Government loan. At a meeting of directors of the Standard Insurance Company yesterday it was decided to invest £20,000 in the vav loan. The directors of the Kaiapoi Woollen Company have decided to apply for £IO,OOO worth of war bonds, the amount to be withdrawn from the company's reserve capital. The Feildina Patriotic Society are investing £5,000 in war certificates. A public meeting was addressed by prominent res:derits and farmers urging' siippgrt of the loan. The Palmerstori North Patriotic Society decided to invest £IO.OOO in war bonds. The sales at the Post Office yesterday aggregated £3,346. The directors of the Drapery importing Company have submitted td ■ their employees a scheme for assisting them to purchase war loan certificates. "Under the scheme the company purchase the certificates on behalf of the employees, who repay the amount of the purchase money by instalments of 5 per cent, of the expenditure. Farmers nfiay send War Loan applications to Hugh Mitchell, Farmers' Union secretary. A Waifoa message says: At a meeting called to discuss the war loan tha chairman of the Harbor Board stated that the sinking fund cbinrhissioheii were putting all their surplus funds into ,the loan,'' One local firm had subscribed and it is understood that many other large amounts will be invested. . v For broniihiai coughs, iaie Woocti 5 Qieafr Peppermint (Jure.—£Advt.] '