THE WAR LOAN.

North Otago Times, Volume CIII, Issue 13652, 21 August 1916, Page 2

THE WAR LOAN.

CUSTODY OP THE CERTIFICATES. • WITH THE POST OFFICE. (F»r J?res3 Association.) WELLINGTON, August 18. The point having been raised that holders of certificates may find it embarrassing to keop'theni and preserve Ihenrfrom loss, the - Minister 0/ Finance lias made the following statement:—"l am arranging, in the case of fill ,1 he investors in (he smaller section of the loan—that is, from £1 up to £so—who do to on war loan certificates through tho Post Office, that to ensure the safety of their certificates, the Post Officii will, wherever desir<m], lako charge of the certificate and hold it on account of the applicant for safe-keeping without charge. The applicant will have au ncknowledgmcul that the,certificate is to'be held by the Post Office. It has been pointed out to me by a number of smaller applicants that their difficulty is to be-sure of being able b kssji a certificate safe for the period of-five years. It is, of course, quite a different matter, the safe-keeping of large amounte of debenture stocks, for those who hold themhave ways of keeping them safe. But it is important that small investors of £l.up to i'so should feel that their certificates, if they desire it, will be held by the Post Office Savings Bank in safe custody for them; and this j' 'provision will 1 think, be an additional incentive to them to put fh'eir money into the-elatS'O/Mc-urity-'wliich is-iOT offered." - • DISCUSSION BY OAMARU CHAMBER OF COMMERCE. A meeting convened by the Chamber of Commerce was held at the secretary's office on Saturday, in order to discuss the positiou of the war loan in the district. Mr W. H. Rose presided, and there were present: Messrs Ai Hamilton, 0. E. Davey, J. Fraser, H. StuUhs, J. Rodman, J. H. Howe, Apologies wero received from Messrs L. E. 1 Haines, W. W. Walton, A. Fraser, J. Irvine, , F. Vciinall, and W. Suuiplcr. Mr F. J. Brookor was also present representing the Post Office. ' The chairman staled that a good deal of ; controversy had arisen in connection with the ■ loan, and in view of the closing date for the ! application for bonds being- so near, it was 1 ft. question whether they should . postponement to a Icier date," He pointed' j out that applilatious for bonds of £SO and [ upwards would close on 21st, but that the I date for certificates (XI to Jtso) had not yet ; been fixed. He had asked the financial men--1 of the town to meet with the committee of ! the chamber and discuss (he matter. The [ propositions before the public were three, viz,: Bonds of £SO and over with a currency of 14 and 25 years; certificates lor £1 and up tu £3O, with a currency of live years, and these might be purchased over the counter tu any desired amount. , Mr Sluubs and Mr Hamilton were of opin- • top that the larger investors had already - stmt in their application, and the fact that > certificates would be still obtainable would ~ probably meet the case of others who had uot yet invested. The meeting strongly recommended the ' investment for even the smallest amounts as an eminently satisfactory proposition, espeo- ' ially in view of the patriotic nature of tho • loan. r It was suggested that-prompt application j ought to be made, as probably the closing ditto for certificates might be fixed at auy time. Mr Eraser considered that a canvass ' should have been instituted as soon as tho ' prospectus was issued, and those present on- , dorsed his statements. ) During the discussion the chairman stated i that already there had been invested from , various bodies in the district the following I sums:—Oamaru Hospital, £1000; Scott Anj tan-tic Memorial Fund, riOO; Acclimatisa- ' tiou Society, i'JOO; North Otago Soldiers' - Fund Trustees, £000; making a total of t xzm. 7 The Hokitika Savings Bank has decided to invest i'lo,ooo in war loan bonds. The North Otago Soldiers' Fund Trustees decided on Saturday afternoon to invest J-90U in war loan certificates. THE WAR LOAN. To the Editor of " The Times." Sir,—l was sorry to see such a small attmidan.ee at the mcctiug called by his Worship the Mayor at the request of the Minister of Finance, to arouse public interest iu the successful flotntiqu of the war loan, It is to he hoped that thjs is not a true index of the , amount to be subscribed by the residents of • Oamaru and its surrounding districts, and if unfortunately it is so, this will be -the first occasion withiu my experience that the 1 county of Wailaki has been found wauling in l) any emergency. The privilege of lighting for • one's home and couutry is an honour con--0 lined lu the few, but it is the duty of the t many left behind to exercise self-denial if ~ need be, and contribute, his or her mile to the sinews of war. Wo may lake for granted that the ncces- " sily for prumpl action has ariscu from the s - desire shown by the Honourable the Minister ii of Finance and others to ensure a successful f flotation. Fortunately there are few iu this e community, ur the Dominion for that matter, $ who annul lay liis or her hand upon lli/- tu 1 purchase une war certificate, the possession j uf which will be a source of satisfaction to the holder iu having doue his or her "bit" G towards the war. The many will not, of d course, be content with a certificate for £l, 2 as the contribution to the loau may he regard■r cti as a good investment, yielding a higher 0 rate of interest than n bank or savings bank r deposit, inasmuch as a contribution of 16/will in five years return 20/- to the holder. ■ Every child who has a money-box or savings 1 bank account can contribute; every girl draw- '' ing a salary and every man, be he employer or employee, ought (0 avail themselves of the d opporlnnily to take 11 greater or lesser share and so assist the Minister in the difficult and onerous position in which he finds himself through nu fault of his own.—T am, etc., ■ I I „__ WM,-MILNE. m