OVERSUBSCRIBED

Grey River Argus, 4 September 1917, Page 2

OVERSUBSCRIBED

NEARLY SIXTEEN MILLION. LOAN UNQUALIFIED SUCCESS. WELLINGTON, September 3 The period fixed originally for subseriptiones to the ' ' Liberty Loan closed to-day and {he Minister of Finance _ was able to announce to-night that the loan bad been heavily oversubscribed. The Government had asked for £12,000,000 as a first instalment of £22,0.00,000 estimated to be required for war* purposes during the current financial year. The amount received Jip to this evening was over £15,80O$)O; ■Siri.^fdaeph Ward informed a DeminionVeporter that the figures were not final. "Some returns would still be received, andhe hadreason to Delieve lT that the final total would exceed the very large sum he had mentioned. He was aware that sqnie people haS not been able. to compWte; their subscriptions in the short time allowed, and there were otKer contributors, includ- : iiifc companies, -friendly societies^ and trustees, who had to wait for powers j- that were binggiven by the Finance :■ Bill at present before Parliament. He , felt entitled to regard- the loan as an , "unqualified success. ; The loan had been on the market about three -weeks/ added the Minister. Some people thought that the "time was too short, but the result showed what the* community could accomplish when it set to work in real .earnest to meet a national calL A very fine spirit had been displayed' throughout the Dominion and he wished to thank warmly on . behalf of the^ Government all those who had assisted publicly and privately to make the~loan a success. The last loan had closed on August 20, 3916. That had also been over-subscribed. ~ Within a- period of a little ovjer 12 months the people of New Zealand hafi provided over £30,000,0.00 for war purposes, this total including a proportion ■»f money protfrted for public purposes throughout the medium of the Post Office Savings Bank and this effort was simply magnificent. Sir Joseph Ward added. Although the period allowed for subscxitpions to the "Liberty" Loan had expired, the Urcasury would, still accept sums that nad been delayed for any reason. He . would mke a. further announcement on • that point later! "**