Greymouth Evening Star. TUESDAY, SEPTEMBER 26, 1944. RUNNING IT CLOSE?

Greymouth Evening Star, 26 September 1944, Page 4

Greymouth Evening Star. TUESDAY, SEPTEMBER 26, 1944. RUNNING IT CLOSE?

’J’HREE millions a clay to keep failure

away, sums up the present position of the Victory Loan subscriptions. The list is announced to close on Wednesday next week, and with over £2O millions more to raise, there is need for a prompt national effort. Experience with former loans raised for Avar purposes is that a last Aveek rush secured success and beyond, and perhaps this history Avill repeat itself. It is dangerous to rely on this delayed co-operation, hoAvever, and district loan committees Avould be saved anxious hours if their quotas Avere nearer in sight. It is opportune to pay tribute to the services of those honorary Avorkers Avho are endeavouring to arouse public interest in the loan, by personal persuasion and canvassing.

None can claim that the Victory Loan has had inadequate publicity. Every form of advertising and propaganda has been launched, and nothing has been left unsaid about the duty and advantages of subscribing to the loan. Objections and doubts have been answered authoritatively, and no question arises about the safety of the investment. Some think that easy lending makes for easy spending, and that if the loan is not fully subscribed, it may make for more economic administration. That is fallacious argument, and contrary to national promise at the beginning of the war that the last man and the last shilling would be forthcoming if necessary to secure victory. Those who look on these war loans solely from the business viewpoint must be convinced that there is little better offering than the war loan, as a gilt-edged security with reasonable return of interest. Mr. Nash has expressed the opinion that interest rates, generally, will be lower in post-war years, and. as Finance Minister, he ought to know. In any case, a State-guaranteed loan is preferable to a State-enforced capital levy in the shape of further taxation. The money must be secured, somehow.

It cannot be stressed too often that the Victory Loan has nothing to do with party politics, and it is a poor sort of patriot who refuses to support the loan because of dislike of the present Government, or some individual Minister. Mr. Holland, as leader of the Opposition, has urged the fullest co-operation by all Nationalists, in the effort to have the Victory Loan over-subscribed. Labour Ministers and organisations have promised the utmost support. There are ample depositors’ funds in the country’s banks to provide the £4O millions, and those who have become financially richer because of the war, have no excuse for not allocating some of this extra wealth to the new loan. The section of the community which has secured no increase in incomes but, on the contrary, has suffered the decreasing purchasing power of money and the higher taxation, may not be able to assist much, but National Savings caters for them, if they desire to be in the great effort. A generous attitude regarding earlier repayment is the policy towards the “small” investors who meet unexpected hardship. Patriotism, gratitude, and business instincts combine to strengthen the appeal to subscribe to the Victory Loan, and it is to be hoped that the subscriptions announced during the next few days will demonstrate that the combined call proved effective.