THIRD LIBERTY LOAN

Grey River Argus, 11 June 1943, Page 3

THIRD LIBERTY LOAN

Greymouth Campaign COMMITTEE SET UP.

The Third’ Liberty Loan campaign in Greymouth was inaugurated last evening at a meeting called by the Mayor (Mr. F. A. Kitchingham) and held in the Borough Council Chambers. Mr. Kitchingham presided. Afi ter several speakers had addressed the meeting those present formed themselves into the nucleus of a war loan committee with power to add. This committee will meet weekly till tlie end of the campaign. Those present included Lieutenant F. F. Boustridge, Messrs J. Saunders, H w. Hay, J. S. Thomas, F. H. Denton.. S. B. White, J. W. Greenslade, J. M. Macauley, G. H. Preston, F. W.. Shallcrass. V. A. Bendall. E. W. Kennedy, J. B. Kent, R. E. Taylor, F. M. Dennehy, A. A. Shannon, W. J. Hicks, W. F. Harley, C. Garner A. Beban, J. A. Murdoch, R. Buckland, and E. W. Heenan. Apologies were received from Messrs G..D. Smart, T. O’Callaghan, S. J. Davis. G. R. Harker, A. W. Swap, D. Kemp, J. S. Nimmo, Inspector D. L.. Calwell, Messrs H. Outram, E. Hillman.. J. E. Laing, and W. Green. The Mayor, in opening the meeting, said that 350 invitations had been sent out to citizens who were considered to be of standing in the community, and there had not been a very wonderful response. The present war savings organisations in Greymouth were a National War Savings Committee, which functioned continuously, and a War Loan Committee, which functioned when called on. This committee did the spade work when a. loan had to be launched. There was a suggestion abroad that the persons in these war savings organisations were making sojnething out of it, and he wanted to give that the absolute lie direct. Not one of them, except Mr. Hay who was in the permanent employ of the State, got a penny for his services. The present loan, the largest ever offered to the public of N.Z., was. a challenge to the people of the Dominion and of the West Coast. The present Government was charged with, 1 the conduct of the war, and it was the duty of everyone to support it to finish the war! off at the earliest possible date. Of the three ways in whicn the money could be raised —taxation, loans, and bank note issue—he wished to refer particularly to the last and to draw attention to the disastrous consequences for all of an inflation of the currency. As it was, half the requirements were being met by taxation and the other half by loans. No one who, could subscribe to this loan had the right to be hanging back for a higher rate of interest—the man at the front was not hanging back for extra pay. Concluding, the Mayor said that to date £4530 had been deposited on the West Coast through thp trading banks —representing £3060 from Hokitika, £ll7O from Greymouth, and £3OO from Reefton — £lOOO had been taken out in National Savings deposits and war bonds at Greymouth, and Greymouth Theatres, through Mr. A. Beban. had invested £lOOO. • Mr. J. A. Murdoch said that he had attended a most successful meeting of civil servants at Hokitika' yesterday afternoon. All had agreed to the suggestion that, apart from what they would do themselves, each should be an agent for the vendor. The speaker said that while he agreed that all the spendable money that could be got should be tied up in loans .it should be tied up also by price stabilisation. The recent £lOO million loan in Australia had seemed a big thing, but comparing population, area, and wealth or area, it was not such a big thing as the present loan. Yet he was satisfied that the money could be got. Everyone should look on himself as a traveller with a legitimate investment. Three per cent, interest was being offered on the best security that could no given the security of the whole Dominion. If they went everything else went. Mr. Murdoch said that he would put in £lOOO at Hokitika and another £lOOO at Greymouth. Mr J. Saunders said that all the objections that might be raised by those who wanted to evade their responsibilities must be tossed aside. This was war, and no one had any more right to condemn any apparent waste than to ask in the tiring line before firing a shell whether it would be effective! Seventy-live per cent, of the national income went to persons earning £4OO or less a year. There had been a poor response from certain sections of the workingclass. Obviously there were some with large, families unable to give, but there were many thousands who could give. Hon. A. McLagan had said that the Federation of Labour was behind the loan, and all unionists were to be approached through their Union secretaries. Mr Fraser had stressed the guarantee, that tne money lent would be definitely repaid, ft was a sacred trust. This was a fitting answer to those who took up the attitude that their money would go Evervl person should be contacted personally and even if they failed to get the amount they should build up the number of subscribers from the 30,000 of the last.loan to the 250.000 expected this time. Mr. H. W. Hay said that the National Savings aspect of the loan was particularly important. This w as the field of the small investor. I here was more than the mere financial reason for getting investments or salary and wage earners. When 100,000 workers were taken trom production and thrown into destructive activity such as war, the remaining workers must provide lor the upkeep of those in destructive employment and must suffer a lowering of their standard of living as a result. That would have to be faced up to. If excess spending power was withdrawn the economic position would be stabilised. One way ol supporting the loan was by the purchase of liberty bonds. It was hoped that the general public would considerably increase their National. Savings, and that promises would be made to invest certain amounts Withe rest of the financial year. It was desirable also that the group scheme should be promoted, and he wanted every manager of a business to appoint a live, active collector. Elsewhere firms had bought parcels or bonds and sold them to their staffs by deductions from wages. Lieut. F. F. Boustridge said that if the young men could accept the penalty 'which service to their country might involve we should not talk about the sacrfice of a few pounds. Those to whom a big investment came easily were not making as good an effort as the one who put in 5s .and went without something. It Was a question not of giving what we could afford but what, wo could not afford. Those who had previously given .a few shillings a week could give more now that? they, had adjusted their way of life to giving. 'T'here was £7O million lying on call in the Post Office Savings .Bank. Some at least of that could he transferred to National Savings to back’ up the war effort. Mr E. W. Heenan said that, n strong committee had Keen set up at Hokitika. He thought it necessary to make a personal approach. Mr R- Buckland said that they must get. to the wage earner. They had probably already reached the £20.000 mark in Hokitika. Mr J. M. Macauley said that they should be out to helo not only New Zealand but the Empire. If the banks used their surplus deposits as some persons suggested they.

would be adding to the amount of money in circulation without touching the people’s savings. That would be inflation. The banks would assist the man of moderate means by lending 90 per cent, of the money required at the same rate of interest as the loan, the money to be repaid in nine months. He moved that, those present form themselves into the nucleus of' a war loan committee, with power to add This was seconded by Mr J- b. Thomas and carried- ■ It was agreed that the next meeting be held next Thursday al. B.la P.m. Mr Shallcrass moved that it be a recommendation from the committee that business men release a representative of their employees to attend a meeting to discuss the operation of the scheme of collecting from groups. This xvas carried- . Mr J. W. Greenslade emphasised the importance of a house-to-house canvass and it was agreed that this should be organised and collectors got in touch with. Mr Greenslade said that he and- Mr Harle-v would canvass a block. Mr F. W. Shallcrass announced that Harley and Co. would head the investments for flris block with £2000.. Mr A. Beban said that speakers would be welcome '’"io use the theatres. Mr J. B. Kent said that it was sacrilege to compare the.sacrifice ol the soldier w’ith the loan. The point was that the loan was a good investment, one of the best investments there had ever been. Mr E W. Kennedy said that he would do his best at Runanga. It was often asked why since there had been conscription of men, there had not been conscription of wealth. People asked why tlie /man with money in the bank had an option as to'whether he invest it. Mr S. B. White Spoke in support of the campaign and said that he would put in £lOOO.