The Gisborne Times PUBLISHED DAILY. TUESDAY, MARCH 12, 1918.

Gisborne Times, Volume XLIX, Issue 4815, 12 March 1918, Page 4

The Gisborne Times PUBLISHED DAILY. TUESDAY, MARCH 12, 1918.

The public would be greatly interested, to learn that it is intended to issue next Saturday the prospectus in connection with the second instalment of the big War Loan which was authorised and partly raised last year. Thanks to the patriotism of all classes of the people of this Dominion in subscribing so liberally to the first section of the loan it is necessary now to raise much less than half of the sum originally authorised. When the first instalment was put on the market the amount of subscriptions, it will be remembered, was unlimited. That that course was justified was amply proved in the happy results that were attained. On this occasion an amount of nine and a half millions is required, and this would seem to represent the “ balance necessary to make up the full total for which authority has been taken. Unquestionably the authorities will have no difficulty in securing the whole amount for, despite the continuance of the war, this Dominion remains remarkably prosperous. Not alone have production and ' prices been maintained at a highly satisfactory level, which has meant that huge sums have continued to flow into tliis Dominion, but owing to the fact that imports have not been correspondingly large there is to-day in this country a heavy surplus available for investment in the pending War Loan. What has also tended to the creation of much free money is the further fact that there has been a noticeable decline in the amount of work done in the way of improvements by private enterprise, for the high value for all materials has had the effect of restricting private as well as public enterprise in a very wide degree. In a recent public utterance the Minister for Finance made two statements which have an interesting bearing on the War Loan. He announced, in the first place, that the revenue for '

The Coming War Loan.

mams, sgEßgß g ßS^^S g ß g agEES^ the eleven months to the end of Feb- j ruary liad very substantially beaten f the total for the corresponding period of the previous year, whilst the increase in the expenditure had been on a much smaller scale. In round figures the revenue had gone up by 2-J- millions whilst the expenditure! had increased by only three-quarters of a million pounds. This, of course, means that by March 31, which will be the end of the Government s financial' year, it need cause no surprise if the increase of revenue over exI penditure, as compared with the previous year, comes to about two millions. In view of that happy state of affairs— happy at all events from the point of view of the Minister for Finance —lie found himself in j a position to inform the public that there would be no increase in the total amount of taxation to be levied for 1918-19.. The taxpayers, we feel sure, will welcome the announcement. As. things now stand the Government should have no difficulty in persuading those with surplus 1 money to invest it m the corning War Loan. Where there is doubt as ■ to whether extra taxation may >e required that condition of things is i not helpful to the raising of loan moneys. Sir Joseph Ward’s statement removes all doubt under that important heading. It will he mteresting to await the prospectus with a view to seeing whether anything “ novel in the shape of attractions to intending investors is to be introduced. There should, of course, he no need to make such a loan especially attractive to investors. When one remembers how much our soldier boys are called upon to give and do give so readily it is little enoug 1 that those who can do so should assist to win the war hv providing silver bullets. Lincoln it was who once said: “ ‘All that a man hath will he give for his life’ ; and while all may contribute of their substance the soldier puts his life at stake and yields it up in his country’s cause.” Sir. Massey and Sir Joseph Ward will shortly set out on their further visit to the Homeland, and it will be greatly to the honor of +he Dominion if the whole of the lean moneys are subscribed (and we confident]v believe that such will be the position) before they leave on their important Imperial and Dominion errand. There is talk once again of tackling loan shirkers with compulsion. hut we do not believe that it -will lie found necessary to enforce the penal clauses under this heading. Any man with idle or surplus moneys that declines to aid his country at such a grave period would really deserve much more severe punishment than that which is provided under statute. The prospectus. we trust, will, as in the case of earlier war loans, enable small as well as large investors to participate j in the raising of the further amount which is needed to allow this Dominion to carry out its war obligations.