SMALL WAR BONDS.

Greymouth Evening Star, 22 July 1916, Page 8

SMALL WAR BONDS.

THRIFT AND PATRIOTISM.

RESPONSE BY .WAGE-EARNERS IN

AUSTRALIA,

HOW EMPLOYERS -.ASSIST.

SYDNEY, July 13. It is very probable that the result of the Federal Government’s action in issuing JBlQiwjCr bonds payable by weekly subscription will be to raise quite an appreciable sum. At any rare, the idea of taking up bonds seents to be appealing to many wage-earners, and it is very likely that many who saved nothing before the war are beginning now. A considerable number of firms are offering people in their employ substantial inducements to- become subscribers, one of the most common being to advance th§. capital required for purchase of bonds and to take repayment free of interest on an even more liberal system than ha's been suggested by the Government. For instance, some firms are suggesting that, instead of making forty weekly payments of ss, a subscriber shall pay 2s 6d per week lor 100 weeks, and be credite'd with interest ns for the full £lO. Other firms are offering to pay £1 towards each employee’s bond.' There is one case of a man who offers to give every employee receiving £2OO and under per annum a fully paid bond for every bond the employee takes up. At the big Australian tobacco factory the employees have seen the advantages of the system of saving opened to them, and have_ taken up bends representing £32,230. This will be paid up at once by the company, repayment being made at 2s 6d per week for each £lO. The company employs 4200 hands. Of these 1590 have applied for bonds to be taken up on their behalf, the average being well over £2O. In this and iii all other cases there is the proviso that in the event of the subscriber leaving the company’s employ the money paid towards purchase of a bond may bo reclaimed. A TYPICAL CASE. As an illustration it may perhaps he worth quoting the following extracts from a circular issued to employees of the Sun Newspaper Company : ' • “The company has decided to bring a scheme into operation which will enable employees to take up War Loan bonds up to a„ maximum of £SO for any one individual'employee, the payment thereof to be spread over a period of about eighteen months. ,

“The company will pay to the Commonwealth Bink of Australia the ,amount each employee is prepared to subscribe, according to the application, forms, duly signed, and will accept payment for same at the rate of 2s 6d per week for every £JO invested, 'such payments to be deducted weekly from the wages, commencing August 3rd next. In this way the total repayment would be completed in eighty weeks, which is about eighteen calendar months. '

“No interest will be charged by the company for the advance made. * “Bond warrants received from, the Government for the amounts invested will be held the company until repayment of the whole amount of such bonds is. made, and these will then be handed over to the subscribers according to the amount inyested by, him or her, together with’ cash payment for any interest due. “Any employees subscribing to.the loan, and leaving the company’s service before the expiration of the eighteen months, may:— ■ ; , - * • . (a) Obtain his or her bond on a payment of the amount outstanding, or '. (b) Transfer his or her subscriptions to anq|lTe»''. employee on'notifying the ■compand, or •' A (cj Arrange with the company to take up the subscription, .when the company'will repay the amount paid,' tecother with interest due.thereof to transfer, -’;,r > > ' ■ ' ' .Ijt " .

“As advertised by the Federal Government, the amount invested will bear interest at the rate of 41 per cent per amium. The interest on the bonds is payable by> the Government half-yearly, on June 15th and December 15th in each year, and whilst the bonds are held by the company the interest will be distributed to the subscribers as soon as received from the Government. When the bonds have been handed over to the subscribers interest thereafter will be collected direct by such subscribers. A full half-year’s interest will be paid by the Government •on December 15th next.”