THE WAR LOAN.

Lyttelton Times, Volume CXVII, Issue 17250, 18 August 1916, Page 7

THE WAR LOAN.

DEMAND IN CHRISTCHURCH.

BUSINESS STILL BRISK. There is a brisk demand at the money order offico in Christchurch for both bonds for largo sums and certificates for small sums. The officer in charge reported yesterday afternoon that business on these items had considerably increased since the loan was issued. “Wo aro rushed oil' our feet now/’ he, said; “wo are haring just <l% nPuch to do as we want.”

All post offices which are also moneyorder offices and savings banka will be open from 7 p.ra. to 8.30 p.m. to-day and to-morrow, for the purpose of selling war certificates and the issue of forms of application for investment in T'ar bonds.

TRAMWAY BOARD INVESTS £12,000.

ASSISTANCE TO EMPLOYEES

Messrs W. Reece. A. W. Beaven and H. Pearce, the Tramway Depreciation Fund Commissioners, have decided to invest certain tramway reserve moneys in the Wa,r Loan. At a meeting of the Tramway Board op Wednesday, Mr C. M. Gray presiding, it was decided' to supplement the moneys now in the hands of the commissioners by £BOOO, enabling them to take up £12,000 on the instalment principle adopted by the Government. In the ordinary course tne annual amount due to the commissioners would not be paid until April 1 next. • The tramway revenue account will receive credit at 3$ per cent for these advance payments, that being the usual temporary'loan rate of interest, and the depreciation fund will earn the balance, 1 per cent, a'mutually satisfactory arrangement, completed’ by co-operation in tne Government’s War Loan. The Tramway Board has also decided to encourage its employees to take up war certificates, by advancing the money necessary for their purchase, and receiving re-payment by fortnightly instalments. The certificates will be held by the board until the final instalment is paid by the employee. Compound interest at 4} per cent will bo earned by the employees to the total amount of the certificates, but commencing from the date when the first instalment is paid by thorn.

APPEAL TO CITIZENS.

MEETING' TO BE HELD THIS EVENING. The Mayor (Mr H. Holland 1 ) has received a reply to his telegram to the Minister of Finance, stating that it is imperative that a public meeting should be held this week, os the time for taking up investments in, the war loan cannot be extended. Mr Holland therefore invites citizens and business men to meet in the City Council Chambers to-night, as requested by Sir Joseph Ward. Speaking to a reporter last night, Mr Holland said that it was very short notice, but he trusted! to the patriotic spirit of tlie citizens, and hoped they would make an earnest endeavour to be present. Friday night was late night in the city, and on that account was not very suitable, but it was the best that could be done under the circumstances. National week was certainly a drawback to such a meeting, the people hardly being in the mood to discuss finance. He considered it rather unwise to issue a prospectus for the loan and only give a few days in which people could take up investments. In view of race week it placed Christchurch in a rather awkward position. However, he trusted to the patriotism of the citizens to attend in full force at to-night’s meeting. Arrangements are being made for addresses to be delivered by citizens prominent in business and financial circles.

WAR LOAN MEETING

NEW BRIGHTON. Yesterday afternoon the Mayor ot New Brighton (Mr J. A. Flesher) received a telegram from Sir Joseph Ward, Minister of finance, asking him if he conld arrange to hold a public meeting at which speakers might urge the necessity of the public taking up investments in the War Loan. In response to the request a meeting will bo hold in the New Brighton Borough Council Chambers at 8 o’clock this evening. RANGIORA. The Mayor of Rangiora (Mr C. I. Jennings) took advantage of a soldier’s farewell gathering last evening to urge the necessity of the public taking up investments in the war loan. Tho audience, being mostly young people, lie impressed upon them the value of the loan as a means of investing small sums to the very best advantage, and also stressed the fact that it was a patriotic duty to support it. Tho Mayor announced his intention to hold r. public open-air meeting to-moirow night to advocate tho taking up of investments.

STATEMENT EY SIR JOSEPH WARD.

THE OUTLOOK DECIDEDLY HOPEFUL. .

Various phases of operations in connection with the £8,000,000 war loau which is boing floated locally were referred to by the Minister of Finance (Sir Joseph Ward), in conversation with a “Post” reporter on Wednesday.

lb was suggested to the Minister, at the instance of a prominent business man in Wellington, that means might be discovered by which people who had money on fixed deposit m building societies and other institutions for a definite period could release those amounts and invest them in the War Loan, and that otherwise they would not be able to. invest. “ Wo cannot commandeer anybody’s or any company’s money,” said the Minister. “ It is a patriotic loan for war purposes, appealing to the finer side of the people of New Zealand. It must be floated with thoir goodwill and by voluntary application. To commandoer money from any source against the will of any person concerned would be against the spirit that we want to sec permeating the whole country. Further, from information which has reached mo from various parts of the J>cminion, I am convinced that the outlook is decidedly hopeful, and that the expectations of those responsible will not suffer disappointment. There are widespread indications that people in ail walks of life are taking an interest in helping to make it a success. Applications so far had been entirely satisfactory. Sir Joseph Ward also had brought under his notice a suggestion, by a "Poet” correspondent, that there might be a. difficulty in the event of loan certificates being lost, and that eomo different method from that laid down under the Act should bo adopted in order to save trouble in that respect. The question was answered by Sir Joseph Ward in this way. If the original owner has not parted with hi 3 certificate and has lost it he can have

it replaced by going through a very easy procedure. If it is replaced, the now certificate wilt bo the only one on which interest would be paid or that would be virtually current. Another correspondent suggested that Savings Bank depositors who desired to invest in the War Loan could have an entry made against the withdrawal for that purpose, in order to obviate the necessity of keeping the loan certificate. The Finance Minister did not see any possibility of such ail arrangement. As to another correspondent’s question, he said ho was considering a proposal to open the Savings Banks on Saturday evenings for a certain time to facilitate withdrawals by those who desired to invest their savings in the War Loan. RESPONSE IN SOUTHLAND. Several Invercargill bankers, asked on Wednesday whether the response to the invitation to subscribe to the war loan had been satisfactory, said that indications pointed to the prospect of a considerable sum being invested bv their clients, the applications during the past few days, especially from the country, being numerous. The post office has also been fairly busy issuing the certificates and it is expected as the public become more conversant with the fact that it is their duty to assist to the utmost extent of their resources, the money will flow in freely. WANGANUI INVESTMENT.

[Per Press Association.! WANGANUI, August 17. The Wanganui Patriotic Committee decided to invest £IO,OOO in the War Loan.