THE WAR LOAN

North Otago Times, Volume CIII, Issue 13651, 19 August 1916, Page 6

THE WAR LOAN

APPLICATIONS COMING IN - FREELY. DATE OF CLOSING EXTENDED. (Per Press Association,) WELLINGTON, August 18. ■ The date for closing the war loan has been extended from the 21st inst.'tn a' time not yet fixed. PUBLIC MEETING AT OPERA,' . HOUSE. The public meeting convened by his Worship the Mayor (Mr'W. 11. .Frith) to hear addresses regarding tire New Zealand war loan was uot responded to in the manner that the object deserved, there being only a poor attendance. Prior to the meeting the Tenth Regiment Baud, played a number of patriotic airs, and also gave several selections during the meeting, The Waitaki High School orchestra also rendered a programme of music. ■ His Worship the Mayor presided, and had with him on the platform the speakers of the .evening, Messrs F. Milrier, M.A., and R. Milligan'.' The proceedings opened with the singing of the National Anthem, The chairman said he regretted Jhe small attendance, ' There was not, he thought, a man, woman or child who did not want to win the war. He referred to the number of men who had gone forward, now exceeding 60,000, arid to the work of those left behind,' But the question still sirose, "What are we doing' to help?" Much had been done in the past, but the point had been reached when it behove everyone to strive still further. Last year the Dominion's surplus was between ten and twelve millions,' That amount was in the pockets of the people and North Otago residents had their share. An appeal was now being made for £8,000,000. The loan was for patriotic purposes. The only way to win the war was to provide the means of doing so, He- emphasised the fact that those investing money in the loan had absolute security,'with a ■high rate of interest, He-Imped the response would be a. good one. Mr Milligan said that many clamant calls had been heard by Great Britain since the declaration-of'war. He called to mind all that had been-done by the Allies, and the sacrifices made. He contrasted with such flic sacrifices made by those left behind. The present was a call in the interests of the war. As yet little had been done compared with that accomplished-by other nations, In this instance no sacrifice was asked. Those who invested in tho loan were getting full market value. The amount asked was no doubt a vast one, but the Domjn : ion would suffer greatly if the amount' was not subscribed'. National honour was involved. It was not a fair proposition to ask Britain to find the money for equipping the men of New Zealand. The only question was were we able to help. His answer was that £10,000,000 surplus existed last year and for two years the value of the Dominion's exports was over £20,000,000. The money was in the country. The only point to be considered was, would the loan affect trade. He thought to a small extent it would. But if it led to economy and a pause in expenditure on public works, then the loan was justified. What was such a pause compared to the sacrifices that had been made. He did not' want to speak as a partisan, but four and a half millions had been invested on the totalisator last year. The drink, bjll had also been heavy. What, so far, had New Zealand done? Amusements were going strong, am] absolutely no sacrifice had been made by the bulk of the people. The speaker then dealt with the advantage of the loan from an investment .point p,l view, .The bonds, were negotiable, as were also the certificates. He urged : all present, to assist. Mr F. Milner expressed diffidence in speaking on - financial matters. .That should be a matter 'for the business 1 men of Oamaru. He thought it reflected little credit on the community that there was such a poor attendance, 1 This loan question was as much a war work as any other, When the sacrifices made by the men at the front were remembered, surely.it was up to those at home to help in the best way they could. The war was costing the Motherland nearly £6,000,000 a day, She had had to assist in financing all her Allies. Yet the people of New Zealand were so apathetic as to look to her to furnish their needs. Australia had come to the point, and New Zealand must do-' so also. Every man and woman could get a £1 certificate. The fact that certificates were negotiable ,did away with the argument' of .locking up the amount invested. It would be shameful if the Dominion did not subscribe the full amount of the loan. The<war was not over by any means, The' Rt. Hon. Mr Hughes, Federal Prime Minister of Australia, who was thoroughly in touch with war conditions, had said'there was no sign of an early peace. The Germans, it must be remembered, were good fighters, They ha,d proved- that in past wars, and they were not to be despised as such. The loan was a patriotic obligation that devolved upon the whole Dominion as a people, The press for some time had been .urging the loan, but the Government ha/1 been slow to act, They were acting now, and lie hoped every man and woman would rise to the occasion.. .

Mr Milligan explained that certificates could be taken up to any amount; there was no liiuit,

Mr P. Brooker, representing the Postal Department;, said all postal .officials were keenly anxious to serve the public in explaining anything they wished to know. There, was, he said', no formalities about the issue of the certificates; which were .sold as would be a postal stamp. He- explained that arrangements were being made to accept the custody of,war loan certificates on behalf of those of the public who desired such a course to be adopted, The forms were being prepared and the department would be ready to receive tlie custody of certificates in about two weeks. SUPPORT TN OTHER CENTRES. (Per Press Association.) . ~ FEILDING, August IS. TliftFeilliing Patriotic Society has decided/to invest £SOOO in war certificates. A very large amount of business in certificates and bonds was done at the Post Office,"to-day.. A public meeting.was held to-night which was addressed by prominent residents and farmers, urging the people to support the loan. CHRISTCBURCH, August IS. ' The Directors of the. Kaiapoi Woollen Company have decided to- apply on behalf of the Woollen Company for £IO,OOO worth of war bonds, the amount to be withdrawn from the company's reserve capital. FURTHER EXPLANATIONS, STATEMENT BY MINISTER OF FINANCE. (Per Press Association.) WELLINGTON August IS. Interviewed to-night, Sir Joseph Ward stated that as some intending subscribers to the war loan did not apparently see the vnlne of investing for twenty-five years, instead of fourteen, he would meet the viewes of those who want to -invest for fourteen years, by

putting them in the same position, and accept' liny" one"siijn up: ,fo. £20,00.0 to boar interest from Ist September, providing their application is in on or before 21st hist. At the same time, he expressed the opinion -that an all probability an opportunity for a longer term upon such favourable conditions was not likely to arise in this country for many years to come. As bonds would be readily saleable and in all probability.in the next few years would be at premium, he,could not understand why anybody should by preference select the shorter instead of the longer term. Prom the investment point of view, the advantage 'was on the side of the longer period. Some misapprehension appears to exist regarding the time of closing of the loan. Sir Joseph Ward to-night said ho desired it made clear that there was no change in the time of closing; the main loan, so far as applicants for bonds of fifty pounds and upwards. This would close definitely on. August 21st. The extension only applies in the cases of small investors in certificates forgone to fifty pounds. issuing through the Post Office.