£20,000,000 LOAM OVERSUBSCRIBED IN N.Z. BY OVER £780,000

Gisborne Herald, Volume LXXVII, Issue 23288, 24 June 1950, Page 4

£20,000,000 LOAM OVERSUBSCRIBED IN N.Z. BY OVER £780,000

(P.A.) ‘WELLINGTON’, June 24,

The■ £20,000.000 national development loan has been oversubscribed by £782.650. .It mas open for four weeks and there were 11,226 subscribers.

The result of the loan, which closed yesterday, was announced last evening- by the Prime .Minister, Mr. S. G. Holland, who expressed the Government's thanks for the generous support of the loan and to all thoso who worked so hard to make it the great success it had been. "It will now be the Government’s job to see that the money Is wisely spent," added the Prime Minister. "We shall certainly do that." Mr. Holland said the contributions since last Monday had increased greatly and it was with pleasure that he was able to announce that the loan had been substantially over-subscribed. He was most grateful to those who had contributed the larger sums, in some cases running into hundreds or thousands of pounds. Pleasing Feature However, he felt sure he would not be misunderstood when he stated that the thing that had pleased him equally, if not more, had been the response of the smaller contributors since his appeal last Monday. This had really been most encouraging and satisfactory. “The creation of new paper money without a corresponding increase in the production of goods or services must instantly result in increased living costs,” said Mr. Holland. »“I am now able to give the people an assurance that, for the current financial year, it is certain there will be no further increase in living costs because of the creation of new paper money unsupported by goods and services.” The number of subscribers to various tap issues which, he said, had been open for almost the whole year, was given by Mr. Holland as follows: 1946, 2700 subscribers; 1947, 4900; 1948, 29001949, 2400.