WAR LOAN COMMITTEE

Evening Star, Issue 24915, 13 July 1943, Page 2

WAR LOAN COMMITTEE

STATEMENT BY CHAIRMAN HOLDINGS WIDELY SPREAD It was his pleasure to review Ihe campaign of tho Third Liberty Loan, said Ihe chairman of the Organising Committee (Mr J. G. Dykes) this morning, when tho Executive Cbiilniitiee was entertained at morning tea in the Tudor Lounge. It was distihctlv creditable to the people of the Otago district that in five -weeks they had subscribed the sum of £2,783,830. This amount was obtained iii the following way, he said : Subscriptions for stock ....... £2,074,375 Purchase of bonds (£l, £lO, and £100) ... 153,421 Deposits in National Savings Accounts 556,034 £2,783,830 " When wo embarked on the work at tho outset of the campaign," Mr Dykes said, " there wei-e two objectives in view, The first was to securo a quota of £2,492,000, the „second 16 obtain more widespread subscriptions' from individuals, particularly those whose incomes have been expanded is the result of war conditions, in order if possible to relieve consumer goods markets of inflationary pressure. It is satisfactory to know that 1 wo reached and passed by a comfortable margin our first objective. In regard to the second, the results Appear to be no less satisfactory, for it is estimated, conservatively, I think, that subscriptions for stock, bonds, and national savings have reached 40,000, which, oil a population basis of 160,000, and assuming there is an average of four persons to each household, would Boeni to indicate that each home in Otago has made a Subscription to the War Loan. . _ " The large increase in subscribers is found mainly in the number of purchasers of bonds of the £1 and £lO denomination, which indicates thai, the people are becoming more bohd-minded. This is all to the good, an.l if they can be encouraged to continue these purchases of small-denomina-tion'bonds or deposits to National Savings accounts, they will be helping, not only themselves by preparing for brighter days when they can make better purchases, but also their country in her hour of peril by providing ft steady flow of money to nay for a part of the cost of war; whilo they will at the same time be placing a very definite brake on the inflationary spiral. . '' During the course of the various loan campaigns the country has looked to its commercial businesses to provide large sums, and it is to the credit of these concerns that they have responded so well, in some cases to the extent of a sum, in all, equal to half of their paid-un capital," the Chairman. continued. "It is scarcely to he expeoted that, this can be continued at the same rate indefinitely, for either the concern will, by progressive stages, denude itself of working capital, di' be forced to unload large amounts of holdings upon a market that is not always receptive; consequently it becomes apparent that the more encouragement that can. bo given to the smaller and individual subscriber to buy little and often, the more will the effect bo, not only to provide a steady stream of lodn money, but also to lessen the amount required, to be taken from tho working capital of commerce. If tho loans draw too generously upon funds required or destined for other purposes, the inflationary pressures are not materially reduced. The true goal is to reach money that otherwise would be spent. Perhapa the best slogan, therefore, to pass on is: * Buy a War Bond every month,' or ' Build up your savings account overy week.' "The' good result of tho loan, particularly the bond,selling, has been due to the development of a greatly expanded selling organisation, and we are indebted to hundreds of voluntary workers, particularly the personnel of the Navy, Army, and Air Force, for the ,c6ntribution, individually and collectively, which they have made in this respect. "To the executive, the War Savings Coinmitteg,. and all the other sub-commit-tees, as well as the Press, I express thanks ai*d appreciation for all your efforts bii behalfvof you'r country. I '*■ : '•" -."V.-'s r