The Times SATURDAY, JANUARY 4, 1941. National Development Loans

Manawatu Times, Volume 66, Issue 3, 4 January 1941, Page 4

The Times SATURDAY, JANUARY 4, 1941. National Development Loans

This morning the public are invited by the Mini*ter of Finance to take up loans of an unspecified amount for public works purposes and at a reasonable rate of interest. This National Development Loan is clearly a normal Government stock investment and has nothing to do with the super-normal financing required for the war effort.

The prospectus gains interest thereby for several reasons. Firstly, it is rather unusual not to declare a stated objective sum. Presumably this must be because the Treasury wants all it can get. A second feature is the rate of interest, which equals about £3 7s 6d a £IOO on the long-term (1956-59) loan. That compares with less than 2 per cent, yielded from the compulsory loan announced at the end of September last. A third matter of interest is the return to normal borrowing procedure. Apparently it is felt that quite sufficient use has been made of Reserve Bank credit with its inflationary risks.

The whole subject of the Government’s financing is somewhat fog-enshrouded and considerable enlightenment would be welcome. This loan is a public works one, using the term in a broad sense. Of real war loans we have seen little. The compulsory loan was estimated to raise £8,000,000 and we have our National Savings Certificates raising an unknown sum, this largely at the expense of Post Office Savings Bank, it must be presumed.

The present loan offers a reasonable return and should provide a good test of the market. Maybe it will be followed this autumn by a real war loan of some magnitude. It could well be so,•for the Reserve Bank credit has been already unduly strained.

Manawatu’s Playground

The seashore holds a special attraction as a people’s playground, and Foxton beach as the one most readily available to this city and much of the surrounding territory is naturally Manawatu’s most popular playground. In its original state it suffered serious disadvantages, lacking shelter and incommoded by drifting sands. To-day it is a vastly improved holiday centre and credit for this must be largely awarded to the Beach Improvement Society.

Tlie report of the lust annual meeting held recently at the beach provides a good indication of its activities, and also of a problem in the relationship of Beach and Harbour Board, whose endowment the property is. Complaint was laid that so little of the rents paid by leaseholders (beach house-owners) was expended on roading and other beach facilities. A Harbour Board member (Mr. M. E. Perrcau) explained that the Board was financially embarrassed and could do little more at present. The thought occurs that this may be a shortsighted policy, for beach improvement should return handsome profits (in rentals) for modest capital investments. Thq beach serves valuably as a recreation centre for a large population and is worthy of considerable development, notwithstanding that it is now providing good holiday facilities. Even though wo arc now at war, the good work should go on for the sake of our children, their health and happiness.

Gold on the Roadsides

In a less*sophisticated age travellers’ tales told of streets paved with gold. These wo do not now possess, but wo have, figuratively speaking, gold on our roadsides. A now fastripening cocksfoot harvest is ready either to be turned to value or allowed to go to waste. What a shame that would be. How contrary to our “Produce Alore” campaign, our all-in war effort. The seed is required that New Zealand may serve the Empire’s cause. It is a valued export commodity. All needful plant is at hand for its preparation. What is needed is to have the seed, freely provided by Nature, harvested as it now ripens. The task is urgent. Our country people cannot undertake it generally, for farms largely under-staffed arc in a busy season. The call is to townfolk, especially lads on school holiday, who 'an u til engage in the work and earn handsome returns.

A grand opportunity to serve both self and country.