Britons Invest In War Loans; New Zealanders On The Tote

Northern Advocate, 19 December 1942, Page 3

Britons Invest In War Loans; New Zealanders On The Tote

(P.A.) WELLINGTON, This Day Speaking in regard to war loans, the chairman (Mr Hamilton) said at the Stock Exchange annual meeting that it was not too late yet to provide o well-earned reward to those putting forth extra war efforts by payment in the form of the country’s own securities, which were a promise of repayment in our own currency, but having an additional advantage of bearing interest until paid off. He referred to a report that, in that backbone of civilisation, Great Britain, as much as 50 per cent of war ex--penditure was being met out of revenue, that the gross cost of borrowing in this war to taxpayers had been only one-third of that in the last war, that a savings campaign had produced £30,000,000 a week ever since the war began, over three years, ago, and, finally, that one in every three persons held one or more savings certificates. “Perhaps some in this country

might be excused for comparing this effort with the increase in the totalisator figures and increase in general and company taxation,” he said.