The Times SATURDAY, SEPTEMBER 2, 1944. Canada’s War Loan Example

Manawatu Times, Volume 69, Issue 208, 2 September 1944, Page 4

The Times SATURDAY, SEPTEMBER 2, 1944. Canada’s War Loan Example

. The Victory Loan Campaign was launched last Monday and with the close' of this week there has passed one-fifth of the campaign’s five weeks’ duration. Time is on the march. Certainly a good start has been made, both in this city and district and in many places elsewhere. But £40,000,000 has to be raised and that is a very great sum of money. It represents about £IOO for every household in the Dominion.

Lists published to date for our own centre show several pleasing large subscriptions. It is recognised that these will contribute largely to raising the sum required. It is known, too, that the big financial institutions such as the insurance companies, as repositories of great sums of the people’s savings, will ho making very big subscriptions. But to rely upon these alone--that is, the big subscriptions, whether of well-to-do individuals or of the large financial institutions—will not gain the objective for the Victory Loan. And even should the sum of money itself be •raised there would not have been raised, as should be, the spirit of the people.

The_ Victory Loan is not to be viewed purely as a financial transaction. It is true that the Government requires the money to finance the war effort. It is quite correct that the withdrawal of a large sum of purchasing power will be all to the srood fer the economic health of the country. But even though both be achieved within the strict realms of economy, there would remain a failure unless the third aspect played its part. And that is a sense of national" sacrifice, of being on the part of evei-yone a contributor to the sinews of war.

From Canada comes a notable example and one which has been commented upon in that wealthiest of all countries, Ihe great neighbouring Republic of the U.S.A. In April of this year Canada conducted its sixth Victory Loan. This was its eighth War Loan and in that Dominion.through 1943 and 1944 there have been great loan campaigns at six-monthly intervals—-two per year. That point has to be borne in mind when the latest returns are considered. Canada has. a population seven times that of our own. To its sixth Victory Loan came 3,200,000 subscribers. Proportionate to population New Zealand would require 460,000 subscribers for this Victory Loan. <That would mean for Palmerston North about 6300 individual subscriptions. It was not always so in Canada, for a table compiled by the Bank of Canada shows the progress of increase which has taken place in the number of applications, also in the volume of war bonds sold, to individuals of moderate means as distinct from individual and large means, in the special names canvass. There were less than one million subscribers to Canada’s first Victory Loan in June, 3.941, arid they subscribed 280,000,000 dollars. From then onward there came a steady growth until the attainment this year of 3,200,000 subscribers who provided 600,000,000 dollars. A most important feature of the Canadian returns is that “individuals of moderate means” subscribed 46 per cent, of the total loan sum, almost one half of the whole great amount. Proportionate to population Canada’s last Victory Loan was equivalent to £50,000,000 being raised in this Dominion. And let reminder be given that just six months previously the fifth Victory Loan had been subscribed by 3,033,000 people for 604,000,000 dollars.

Canada’s last Victory Loan culled for a sum equal to 13 per cent, of the national income. That is rather lower than the 36 per cent, of national income represented by' our current Victory Loan. The point is not, however, of great moment. The vital feature is that Canada’s small subscribers really made their loan .a success.

The fact might as well be frankly faced that here in New Zealand certain adverse cross currents are at the moment operating against unqualified Success for the loan. Many farmers are irate over proposals concerning price increases for exports granted by the British Government and in consequence they are tempted to feel unenthusiastic about the Victory Loan. Then, on the other hand, we have quite a percentage of employed people who hold beliefs in various ideas of “social credit” such as Reserve Bank financing and so forth. These people find it difficult to see the point in our Victory Loan. Yet, as the Leader of the Opposition who himself is opposed to the Government in many things, has given his active support to the campaign, who is there who should stand back? New Zealand must make a success of this loan or one and all citizens would find it hard to hold their heads erect before the world. And that the loan may be a success in every way as it should be, individuals of-moderate means must subscribe to the limits of their capacity.