THE WAR LOAN.

Lyttelton Times, Volume CXVII, Issue 17264, 4 September 1916, Page 6

THE WAR LOAN.

ISSUE OF CERTIFICATES. NOW EXCEEDS £ 700,000. A graphic idea of tho response mode by tho small investors in Loan Certificates is provided by the fact, officially stated, that from August 8 to August 31 a. total of £061,088 12s hac\ been invested in that form of patriotism. The figures for the various offices arc as "under :-

On Friday the sales in the chief cen-* tre.s totalled £39,000, bringing the total up to over £700,000-a remarkable ■ achievement for only three weeks, CITY COUNCIL'S EMPLOYEES.^ LIBERAL RESPONSE. On Saturday morning , tho Mayor completed his campaign amongst municipal employees in the four wards of tho city in support of investments in the War Loan. His filial meetings were at the chief tiro station in Lichfield Street and the station in Sydenham. Mr Holland stated that ■he was highly gratified at >the result. A. large number of- the coulncil's em-, ployees, ho said, had invested in the certificates. At a Linwood meeting he addressed twelve men, and seven of them took twenty-one securities. ASHBURTON. War Loan Certificate* aro still in steady demand at the Ashburton Post Office, and up till Friday evening £8320 worth had been issued. AN OLD-TQIE LOAN. People have been bo accustomed to New Zealand raising loans outside tho. Dominion that it is probable few aro aware that the present War Loan hi not the first that was raised in tho local market, The A-acklattd "Star" points out that old newspapers furnish some interesting facts of what happened in. the early days. " In 1845 . the Government was- com- . pelted to raise money by issuing debentures, which carried interest at tho rate of 8 per cent. At a time like the present, when people aro subscribing freely to a War Loan for which they will receive debentures and certificates, it is of interest to note that in 1845 debentures were forged, which resulted in. a loss to the Government of £250. One man was' caught and sentenced to ten years' penal servitude for having forged"' a debenture for 20s. In those days people's ideas were modest in the matter of loans.. Tim Government had issued debentures for £OOOO. The Government had to faefl a' financial panic shortly afterwards, owing to the fact that the Home authorities notified .that it had n<r authority to raise th*t £6OOO by ths - issue of debentures. Tho. seriousness of tho financial nosition may be mated- from the fact that the . colony was staggering under the enormous indebtedness of £14,000, and that the cash in the Treasury amounted to £1» 10k 3d. It was, however, true.that), the Government had a credit standing in tho bank at that time of £3 Is 3d. Fortunately South Australia had a ■ surplus of £6OOO that year, which was lent to the New Zealand Government to enable it to tide over the crisis.

£ 8. d. Auckland . 83,4.35 16 0 Hlenhciiii 8,303 4 0 Chrjstcliurch 100.353 12 0 Dunedin 82,012* 4 0 (llsbonio 11,808 '0 0 G'roytntmth 0,705 12 0 Hokilika . 4,124 18 1) Jnvercargill 40,158 0 0 Napier 30,840 16 0 Nelson 22.730 16 0 Xcmv Plymouth 27,987 i 0 Oanin.ru 8,39(5 16 b Thames 10.382 0 no 071 1<) () 0 0 1 i in am Wanganui 33,827 16 Wellington 151,222 8 0 Wrst-port 8.128 0 0' Total £661.688 12 0