The Liberty Loan.

Kawhia Settler and Raglan Advertiser, Volume XVI, Issue 868, 7 September 1917, Page 3

The Liberty Loan.

£12,000,000 WANTED—£I6,OOO,OOO SUBSCRIBED

The success of the Liberty War Loan had been foreshadowed, but it was not generally expected that the £12,000,000 asked for would be exceeded, as it has been by nearly £4,000,000. fc-Sir J. G. Ward states that the Treasury had reported subscriptions to the amount of £15,800,000 with a prospect of further sums to come. The final total is not likely to be less than £16,000,000, and it may be substantially more if the powers of contribution, proposed to be given to companies, trustees, friendly societies, and other organisations under the Finance Bill, are used. The Minister of Finance, in announcing the figures, said he regarded the result of the appeal with very great satisfaction. The people of New Zealand had been set an enormous task when the Government asked them to find £12,000,000 at once, and £10,000,000 or £12,000,000 later, for war purposes, but they had risen to the occasion splendidly. The Government would take all the money that had been subscribed, the surplus going to reduce the amount of the second instalment of the whole loan. Sir Joseph Ward indicated that, although the time allowed for subscription to the loan had expired, the Treasury would continue to accept money for the present. He was aware that many people who wished to subscribe had not yet been able to do so, and the sale of War Certificates and Post Office Bonds would continue. The announcement was received with applause. I think that in the course of a few days—since the loan has been left open,” said Sir Joseph—“the amount will exceed £16,000,000. Companies, societies, trustees and others have not been able to subscribe owing io the necessary legislation not being passed, but they will have sufficient time to do so. The com pulsory clauses have not been put into operation. They are the lawsof the country yet. I hope it will not be necessary to put them into operation.” Questioned later on the subject, Sir Joseph Ward said that,<speak ing generally, the country had done so well that trouble need not be anticipated for anybody under the compulsory clauses unless there was persistent shirkers, whom the country would expect to be dealt with. The result of the loan was the best answer to any fear as to how these clauses were going to operate. The primary purpose of the compulsory clauses was ’not to raise money but to check the financial shirker.