NO INVESTMENT

Grey River Argus, 8 July 1943, Page 6

NO INVESTMENT

PATRIOTIC COUNCIL AND WAR LOAN. Bv five votes to eight a motion that the Westland Provincial Patriotic Council invest £lOOO in the War Loan, through National Savings, as the money became available, . was lost at last evening’s meeting of the Council. In a statement on the Council s financial position the secretary (Mr. D. J. Evans) said that there was £414 in the current account and about £lOOO on call in the savings banks. There was still £5OOO to be paid off the lew by September £ The Council had already invested .about £13,700 in war loans—£7so in the Liberty Loan, £6002 10s in National Savings bonds maturing m May 1946, and £7OOO in National Savings bonds. July 1946. There was also £2OOO in each of five banks which would not be available till October and November 1944. The chairman (Mr. A. R. Elcock) commented on the figures and said that after consideration he did not think that the Council should put anything into the loan. Mr. F. A. Kitchingham said that he would like to see them make some contribution, but he would not Ince to see the money tied up . for 13 years. He moved that as tire money became available £lOOO be invested in National Savings. Mr. J. B. Kent seconded the motion- 4.1 Mr. M. Houston said that if they used the money in hand they might find themselves in difficulties. Mr. P. J.. McLean said that he did not see that they had fhe money available at the moment. Mr. Kent: Are you going to be fined if you haven’t the money? Mr. J. A. Murdoch: You know my views on the matter. I’m easy tonight. I’m in easy street coming from Hokitika. Mr. Evans said that goods due would absorb most of the current account.

Mr. Murdoch said, that he thought the Council was losing sight of the fact that it could finance an investment, and the Government had seen to it that it could be done without loss. The banks had with applause supported the Government. Though Hokitika ’did not require it for itself, he thought it would not like to see Greymouth on the defaulters’ list. If they could finance through the bank they should do so as an examoie. He thought a good deal of attention would be naid to what was done last night. They should invest at least £lOOO even if they had to finance. On being nut to the meeting Mr. Kitchingham’s motion was lost.