WAR LOAN

North Otago Times, Volume CIII, Issue 13653, 22 August 1916, Page 2

WAR LOAN

REMARKABLY SUCCESSFUL ISSUE, OVER NINE AND A-QUARTER MILLIONS SUBSCRIBED. SIR JOSEPH WARD'S MESSAGE. "HAPPY AUGURY FOR THE / , FUTURE." (By Telegraph). . WELLINGTON,' August 21.1 <■ , The .Rt, Hon. Sir Joseph Ward/lliii-; ister of Finance, issued the following > message to the press.late to-night;' [ "I am glad to "be able toinform, you that applications for:the war' ■ loan totalled a little over nine .aid, "a quarter millions, This is'emi- . nently satisfactory, and speaks elo- . quently of the fine feeling of the inhabitants and their desire to he associated with the Motherland in helping in an unparalleled crisis. Happily, at present the signs of victory are more pronounced than has been the case since the begin- ' ning of the struggle, and the subscription of such a large sum of monkey in ten days, from the most distant part of the Overseas Dorniii- , ions, is a happy augury for tile ' future." "IT IS ALL RIGHT." • STATEMENT BY MINISTER. OF FINANCE. ." SPLENDID RESPONSE. FROM .ALL CLASSES.. . BANKS SUBSCRIBE FOUR MILLIONS. ' (Pfr Press Association.) WELLINGTON, August 21. , "It-is all right,'' said the Minister of Finance, when asked by a reporter to-night as to the amount of success that had attended the issue of the war loan. "Over nine and a quarter millions have been subscribed is follows: £ War bonds through Post ■ Off'ee 1,227,200. War loan certificates through ' ■ '■? "Post Office : 357.148 War "bonds thi-oiigk 'bank's ; . 1,600,050 Through treasury direct .... 663,100. Direct by banks themselves. 4,000,000 (of which the Bank of ! 'New Zealand applied for £2,000,000) Sundry applications .....!. 1,516,000 Total ............. £9,363.498 ' "Though the date for closing the. main loan is fixed for to-day," added Sir Joseph Ward, any intending appli-' cants who send along their requests during next week or so, ■ up to September Ist in fact, will be received, and I should expect to find that will mean probably another £200,000 or £300,000 .at least, It is hardly necessary to say •that the result is eminently satisfactory. It shows that those in the country of small means, aB well as those of moderate and of large means recognise the importance of the occasion, and that the vital character of the interests-of the country, from the point of view of national assistance in the way of funds needed for war purposes has been realised by them, apart from the fact that, the investment is a good one, and it demonstrates that when the Government appeals to the people to help to provide the sinews of war to secure that victory, which we look forward to winning, I hope, before many months pa?s, the response from the people is very fine indeed." So far as war loan certificates from £1 to £SO, through the Post Office are concerned," continued Sir Joseph Ward, 1 "as I have already intimated, applica- ' tions for these will not be closed for ■ some weeks to come. This is an entirely new scheme and a different class of investora are brought by it into touch 1 with the financing of the country for ' the first time in its history, and as in everv other walk of life, when a new i method, affecting a class of people who have not been investors' before, is brought into operation, necessarily longer time is required to give 'those who have not seen the advantages and indeed the necessity of joining in j undertakings, an opportunity for full i consideration, ami to give the Govern- 1 incnt also an opportunity for educative 1 propaganda." j Asked whether the war. loan certificates would be left open indefinitely, Hie Minister said: "T don't think that will be necessary. In addition to which, I look forward to the tiniewhen we shall Sfet back into the ordinary groove, and lo the time when there will lie no necessih tor investments for war loan purposes. .But when, as I have said, the t people are brought into the financial' ■ lield for direct investment in a war loan for the first time, I think it is only '"igkt to give them further time to eii- ■ ible them to have a monetary interest in the war. The times through 'which ive are passing are such that the great-' ''' ,lle "umber of our people, from the 1 humblest to the highest, who are direct- S l.v helping to carry on the war, the ) better it will be for the countrv when \ the war is over. Frr them, a keener in- ' terest, and I hope, a more effective one, f will be taken by all classes in the conn- ) try in the changes that must then even- v tuate. I have just received advice from * the secretary to the Post Office, who J says that in his opinion the war loan £

certificate* sold so far represent oulv a fraction of what will lu- spM. 'Dial is an opinion in which I concur, The loan has been over-subscribed,'and on behalf of' thecountry, I will retain the' full amount and allotment will be made in full to all who have subscribed, No /One will be disappointed. Only eight millions was asked for locally, but Parliament authorised sixteen, millions in „• all, and the needs for the money for ' war-purposes are such that the surplus can be readily availed of,, so that will be no disappointed applicants." '' ' * AMENDED ARRANGEMENTS. It has now been decided that the whole of the instalments bonds VP *° £20,000/ maturing in.l4'years alikg' ' with those for ■25 years period may be,paid in. advance. If the whole subscription for. a bond is paid< not later than the Ist September interest will'be paid from that date. The 'extension.. pit the date for final payment of i.nstalm?nts';until;the '1 st September;will-ljavp: : •tjie,; effect ~of i seeuriiig :'to' depository iu Sayings/Bankt their>'iaterest "for the •c^ireht'month.- •. EXCEPTIONAL' ' ; AGTWM< ■. . • " 'DUNEDIN. • v.' ; - ■ (Per .Press,/ Association.) ;..••• V - ' A of., exceptional • activity ' witnessed at .'the- Post S Officeto-dfty. when 'subscribers •' to :■ the "'-war ■* loan thronged the iiqhey .Office during.practically, the <whole of business- hours.' RESPONSE IN CHRISTCHURO /• '' EXTREMELY- SATISFACTORY;' >; ■ (P«r. Prea?'Association.) '■' | 'TI C ? B S^? C ?/. A VP st .'- 21 v'• : ' ■ The -Post; Oftiee oflfieials' to* ■rnght. that-they -.could' riot •biVe-'anv ' figures for publication, but:theydndicated clearly-' that-' the business 'done, both in war, liontls. ami-certificates;-had'be'en extremely .satisfactory. There■ -ps-a bi|, rush for certificates'to-day'" the Po?t Oftice • Savings . Bank "being 'crowded throughout the. day,. peoplelining, up ' five,and six deep at the' counters wit'h- ' out a break,' * ■ NEARLY ;ONE : HUNDRED - f . . THOUSAND. : .j , (Per.Press Association.) tVANGA-NUI,- .August '2l.'. ' The Wanganiii; Patriotic' Society- today. decided' to invest a further siim-of £IO,OOO of its funils'in the.War Loaii.-"" •' This makes a total of:.£2o;ooo'invested' by-the'Society,. .- Public subscriptions to file .loan are : coming in very well. In all probabilitv nearly £loo,o,oo'will be'subscribed. -' • • SUPPORT-IX; OTHER CENTRES, ' ' (Pa 1 , Pms .Association.) ' •... HASTINGS, August;2l. ' Altogether £4OOO worth of,war certificate? were sold at an open-air demon, stration on .Satnrdav night, and at a meeting at the. theatre £1175 was "invested. • Sir Joseph-Ward has telegraphed congratulating the ; people on the liberal' ' manner.in which;they are subscribing. .'. *" '" WELLINGTON, August' 2l. An open-air demonstration fo aid'th'e war l,oau on Saturday resulted vested, including j£3oßß-- in •certificates. ■ / '