N.Z. WAR EFFORT

Greymouth Evening Star, 7 May 1940, Page 7

N.Z. WAR EFFORT

LARGS LOAN FROM BRITAIN. [PBB PBEBS ABBOOUTION.] AUCKLAND, May 6. “The financial situation is receiving -the attention of the Government at present, and the relative methods of furnishing the necessary finances to carry on New Zealand’s war- effort with the greatest success will, in due course, come before Parliament,” said the Prime Minister (Mr Fraser) in an interview. “To meet the extra expenditure, war taxation measures were taken last September,” he continued. “Since then, interest-free loans to the extent of £1,800,000 have been made to the Government. For the year. 1940-41 war expenditure is estimated to reach £33,000,000, this sum being made up as follows:— £ Navy .. 1,500,000 Army .. .. 25,000,000 Air Force 6,500,000 Of this, total, £13,000,000 is re-, quired to be expended in New Zealand and of that amount £3,500,000 is already provided for out of existing war taxation. This leaves £9,500,000 to be found by various means, which may include some additional taxation,the raising of money and, as already indicated, the tapering off of certain public works and other expenditure that will have no detrimental effect. “The sum of £20,000,000 will be required overseas. This will be made available as loan money by the British Government,, according to arrangements entered into between the two Governments. There are no other feasible means of making that provision.”

INTEREST-FREE LOANS. WELLINGTON, May 6. Following is a list of further in-terest-free loans and donations received by the Minister for Finance (Mr Nash), bringing the total to £1,806,199: — £ Anonymous, Mount Eden, term limited until request for death duties . • .. 1500 Riccarton Timber Co., Ltd., Chch., duration and six months 500 Mitchell and Mitchell, Wellington, duration and six months 200 Mitchell and Mitchell, Wellington, donation .. 50 A.G.T., Rahotu, duration and 12 months 100 A. G.T., Rahotu, donation .. 10 Anonymous, Hedgehope, duration and six months .... 100 Percy Williams, Ltd., Paeroa, duration and six months .. 100 Warnock’s Drapery, Ltd., Paeroa, duration and six months 100 Anonymous, Christchurch, five years 400 Anonymous, Christchurch, donation • • 100 Zingari - Richmond Football Club, Dunedin, duration and six months 100 Ex-Royal Naval Men’s Association (Christchurch branch), duration and six months .. 50 Wairoa Athletic Rugby Football Club, duation and six months 25 Hawera Football Club, duration and six months 25 D.A.D., Sydenham, donation .. 20 Well-wisher, Otahuhu, donation 6 Englishwoman, Wellington, donation 1 Staff, Pahiatua Public Hospital, monthly donation £ 1/4/PARLIAMENT’S RE-OPENING AUCKLAND, May 6. ' Although unable to give the exact] date of the reassambly of Parliament, the Prime Minister said he expected that the House would meet comparatively early in June. The date would be announced, he said, on his return to Wellington. Asked what legislation was proposed Mr. Fraser said the deliberations of Parliament would inevitably be dominated by the war situation, and all matters affecting the war would be discussed, including many questions affecting economic and financial conditions. It would be necessary to bring all these questions under review, and where necessary introduce legislation to give effect to the Government’s policy. “Obviously, the international and war situation will largely determine the course of proceedings in the House of Representatives, and I am certain that the Government will receive the full and unanimous support of Parliament in everything it has done to assist the British Commonwealth in the fight for democracy and international justice,” he concluded.