VICTORY LOAN

Grey River Argus, 26 September 1944, Page 4

VICTORY LOAN

Over £lB Millions YESTERDAY’,S INVESTMENTS £1,034,638. P.A. WELLINGTON, September 25. The amount subscribed to the Victorfl Loan to-day was £1,034,638, making the total to date £18,287,651. Objective percentages obtained to date are: Southland district 66 per cent.; Auckland 58; Otago 49; Taranaki 47; Marlborough 46; Gisborne-East Coast 45; North Otago 43; Wanganui 42; Manawatu 39; Hawke’s Bay, Northland, and Nelson 38; Wellington 37; Buller 35; Wairarapa 33; WaikatoKing Country, and Canterbury 32; South Canterbury and Westland 31; Thames-Bay of Plenty 30. WESTLAND PROGRESS. Investments in the Victory _ Loan yesterday in the Westland district amounted to £6211, bringing the district total to £139,036, or 30.5 per cent, of the objective of £456,000. Kumara investments totalling £1203 were an outstanding feature of yesterday’s business. The fact that daily investments are not being made in some towns is causing the loan committee some concern. Returns from the district offices yesterday are: Reefton £437, Ikama'tua £76, Greymouth £2784, Runanga £423, Brunnerton £35, Blackball £124, Moana £6O, Ahaura £67, Kuma'ra.£l2o3, Hokitika £290, Ross £205, Wataroa £lOl, Franz Josef Gla'cier £6, Jackson Bay £4OO. Totals to the close of business yesterday with percentages of objectives in parenthesis, are as follows:—Kumara £4618 (66 ner cent.), Blackball £6514 (41), Hokitika £33,580 (37), Otira £716 (35), Harihari £2314 (33), Greymouth £60,153 (32), Runanga £B7BB (31), Jackson Bay £2288 (29), Reef ton £7928 (26), Brunnerton £2729 (23), Ika'matua £1658 (21), Ross £2023 (19), Waiuta £1241 (15), F'ranz J'osef Glacier £755 (15), Fox Glacier £lllB (15), Moana £947 (11), Wataroa £576 (11), Barsrytown £525 (10), Ahaural £565 (6). N.Z. WILL NOT FAIL! WELLINGTON, Sept. 24. Hon. W. Nash stated a suggestion Reserve Bank and the trading banks which had been heard, was that the should find all the money. . Anyone with experience knew the price which had to be paid for that, the chaos that had come to every country that tried such a disastrous method. “Some suggest additional taxation, but I suggest that the wisest course for anybody to follow, particularly for those with resources,, is to subscribe more to the loan. The more money by way of loan, if that money is in .hand, will probably bring less taxation at later times. There is no way to pay for war except by putting up the money, either by taxation or bv loan, and that money, to be good money, must have goods and resources behind it; resources controlled by an individual company, or corporation. It must, in the long run, provide a transfer of purchasing power from the lender to the State for use in feeding, clothing, and equipping the fighting man and his dependents.” , The Minister declared, in conclusion, that New Zealand had never failed to keep faith. We did not fail in Crete, when Alexandria was menaced. When the call came for extra men in Italy, our men went there. Off tile River Plate oui’ men fought in the Achilles and our craiser the Leander, did its work in the Red Sea, the Indian Ocean, and the Pacific. Our air force had never failed. Our men in the Solomons, on Treasury Island and Green Is-, land had never failed. The food our farmers raised was carried in ships whose men never failed, and when, i early in the war, taxation became

heavy, no one grumbled. Britain had never' failed us, and held on with a debt of over twenty thousand million pounds. America,. with a larger sum, was spending more money to save itself and to save New Zealand. They had never failed, and, concluded the Minister, in confident tones, New Zealand had never failed yet.