VICTORY WAR LOAN

Nelson Evening Mail, 19 February 1917, Page 5

VICTORY WAR LOAN

GREATEST FINANCIAL TRIUMPH , IN HISTORY. •• ANONYMOUS GIFTS OF JEWELLERY. ' 4u»tra.tuui and N.Z. Cable Association. > LONDON, Feh. 17. There was a great eleventh hour rush for Victory War Loan stock. The Exchange describes it as the greatest financial triumph in the -world's history. Eager crowds surrounded the . banks throughout the day. A feature, of the transactions Avas the considerable amount of gold produced. It had apparently been hidden in stockings. , Hundreds of women sent to the, Lord Mayor jewellery to sell as gifts for -the Exchequer, including valuable necklaces, diamond rings and watches. Most of the gifts were anonymous. \ Before the loan was issued ,the, great banks made arrangements whereby the money the Chancellor • required should he forthcoming. ,The response of the lic was so great that the banks willj'iiot be called upon to make direct subscriptions, though they made large loans to approved clients. , There was an immense number of midle-class subscriptions, particularly for war savings certificates: Large employers of labour throughout the country have taken up large blocks of stock for the "benefit of their .emplyees, -who , will repay the amount -'by a 'weekly deduction of wages; 1 , COMMENTS BY THE NATION. * LONDON, Feb. 16.' The Nation,' discussing Britain'* tremendous comitments,' states that "when the new vote o'f credit for ,550 millions has been exhausted at. the end of May the war bill will have reached £4,182,000,000. The the war will' not bring immediate relief. It ia'probable that the total 'indebtedness will be £6,000,000,000, of which a thousand millions has been advanced to the Allies. We will be called on ibo pay 250 millions in interest yearly, in addition to a hundred millions' for sinking fund and • pensions. The Nation estimates that the new War Loan -will reach over six hundred millions of new money. HUGE CONTRFTBUTIONS FROM INDUSTRIAL CENTRES. (Australian and N.Z; Cable Association > (Rec ,Feb. 19, 8.55 a.m.) • > LONDON, Feb. .18; , \ A feature of the loan is the huge contribution of new money by j the great industrial centres. It is estimated that. Jprlasgow has subscribed a hundred million, Birmingham thirty; Newcastle eighteen, Belfast fifteen, and Hull thirteen million. It is estimated that there are about five million' industrial contributors. - ■*