N.Z. £25 MILLION LOAN

Grey River Argus, 11 May 1945, Page 4

N.Z. £25 MILLION LOAN

HALF HOPED FOR By Opening on Monday WEST COAST TO DO ITS BEST P.A. WELLINGTON, May 10 lion. Walter Nash, Acting Prime Minister and Minister of Finance, announced to-night the hope of the Government and of the War Loan Committees that on Monday next, when the 1945 Victory Loan campaign opens, fully half of the required 125 millions will have been subscribed. He declared this is no time to be placid. The war is far from won. The spirit of New Zealand during five and a half years of war had been irreproachable, but there were dangers to-day which we had to recognise. We had exerted ourselves fully both in fighting and working to assist in bringing the war to its present stage, but wiio were we to say that it was to relax? Our first duty was to press on until the defeat 01 Japan. We were not alone in this, but New 'Zealand, had special obligations. , !‘The Japanese actually threatened our shores,” continued Mr. Nash. “We were spared the horrors of a Japanese invasion because the Americans at Coral Sea and Midway, particularly Midway; and the Australians in New Guinea, checked the tide of Japanese aggression. lhe Americans and the Australians are to-day fighting battles 'as fierce as any that have already taken place to roll the Japanese back further. Out of gratitude, and for our own honour, we have no alternative but to continue to fight with our comrades. The people of Britain also have sent their forces many thousands of miles from their homes to assist in ridding the Pacific of the menace which threatened us directly.” New Zealand was reminded by tne Minister of the rehabilitation tnat plans were already swinging into operation. These would continue to be developed more and more as thousands of servicemen returned home. Thus two major obligations faced us, and we had to find the money, not only on this account, but also to pay for the victory that had already been won. The cost of the war to New Zealand up to March; 31 last had been, over £5OO millions. The rate ot spending in the last year was estimated at about £133 millions. “But,” added Mr. Nash, “this expenditure does not stop because Germany has been defeated. A great many bills have yet to be paid. After the last war the greatest expenditure of any year was incurred at the end of the war, and in the year following. Similarly the expenditure anticipated this year will be exceedingly heavy, although it has been possible to reduce the amount of the war loan this year to £25 millions.” The Minister has received a number of telegrams from chairmen Qt district loan committees regarding the prospects of raising one half ot their district quota before, the loan formally opens. Otago has reported £200,000 in sight, and its neighbour telegraphed: “Southland will be there. Half a million is in sight on preliminary skirmishing.” laranaKi has reported prospects are excellent with over £150,000 in sight, while the Waikato-King Country district considers that a quarter of a million is in sight. A message from Westland states: “There is eighty thousand in sicht The good old Coast will do its best.” The Hawke’s Bay. message was: “Prospects are very bright, lhe will to win is with us.” South Canterbury, in reporting prospects good, added: “The machinery is supercharged.”