THE WAR LOAN

North Otago Times, Volume CIV, Issue 13656, 26 August 1916, Page 7

THE WAR LOAN

POST OFFICE BUSINESS. NEARLY HALF A MILLION. (Per Press Association.) WELLINGTON, August 25. The Post Office to-day paid over to the Treasury half a million pounds from the sale of war loan certificates, sold by Post Offices from 11th to 23rd August- as follows (shillings omitted): Auckland 61,455 Blenheim . Christclrarch GS ' IG J *l)uriedin .., 61 ' 31 ~ Gisoorue '!' S -; Groymouth ' G < 43l Hokitika }}f Invercargill "">*'£ ■ v • 03 727 Nap'" ' ;Xr Nelson 15,84. New Plymouth W™ Thames I^J ' Timaru *s«■ Wangamu Wellington o l Westport ''' llto Total ;...f185,503 WELL SATISFIED. PEIME MINISTER AND SIR JOSBL'H ' ■-WABD INTERVIEWED. WELLINGTON, August 22, Both leaders of the National Cabinet naturally are well satisfied with the result of the local War Loan dota"ilr'Massey says: "i™ e° llfiilellt the people of New Zealand would rise to the oeasion in connection with the financial requirements of the conntre to carry on the -war, and I am naturally pleased they have done so. The \Moan is an undoubted success and is a Wredi't to everybody concerned. After \hat has taken place within the last few weeks I have no doubt that later on if more money should be required, the.public will find it in the same way. New Zealanders have again proved that ■ • in no.respect do they intend to be behind the rest of the dominions in assisting the Empire to carry the war to a ■ satisfactory conclusion." No Details of Subscriptions. The Minister of Finance is unable to publish further details of the subscriptions, "There are a number of large investors," said Sir Joseph Ward to a representative of the Lyttelton Times, "but I do not feel at liberty to name them, because I regard the transaction as confidential, as between them and the Treasury. In the case of .applications from banks the matter was discussed by me personally with their representatives. I had the authority, of the largest investor, the Bank of New Zealand, to name the amount, showing the balance contributed by the other banks as a whole. It is for them to state on their own ae> count what they have subscribed. So with insurance companies and other large investors. I do not feel at liberty to mention the amount contributed' by large investors or small investors, and in that respect I think I am adopting the only possible attitude. I need hardly say, however, that I thoroughly appreciate what has been done by both large and small investors. More Money Offering, "There are many investments in the main loan of from £SOO to £20,0,00, but in these cases also the business must be regarded as strictly confulen'W tial. The amount-'su'bsftibed through W the Post Office, by-way* of War Loan... -V certificates, must be regarded upon the' whole as satisfactory as one could ex- • pect, because it has to be remembered that I fixed the time for subscriptions to the whole loan a, L ten days. I did so after the fullest consideration, my opinion being that the dragging of the loan upon the market for weeks was not the best way -to ensure success. If anyone thinks the time lias been too short I may point out that in England it is quite a common thing to advertise »a loan and invite applications for it within, three dap. That is the same principle I have followed. If people have money to invest they ought to invest it. There is nothing, to be gained by a drawing-out process and in the main loan I do not think we have missed much by having a comparatively, short period for such a large amount, for this country to raise within that period . It has been thoroughly developed in every portion of the country. The response in my .opinion shown that ten day 3 were quite ample to enable intending inventors to come in. • Extension of Time, "I have received communications from people.in different parts of the Dominion who have sums of money falling due which they wish to Invest in larger amounts of the loan, £20,000 and over, To give them an oportunity of subscribing I thought it desirable to intimate that their applications will

be received up to the end of the month for the main loan. I would not he surprised if another £200,000 or £300,000 comes in -within that period. , War Loan Certificates. "In the case of war'certificates of from £1 to £SO, the position is quite different. On the whole I think the response is good. It niiiiit. not he forgotten that for the Jiret time in the hislurv of this country we are tapping an entirely new source—the wage-earner and the man of small means generally, people who have not been accustomed to invest their money in Government securities. Obviously more time should be /riven them and the system that has been carried out up to now of putting the advantage of the investment in smaller cuma. before they will "be carried on for some -weeks to come. That branch of the loan will, consefpiciiHy, be kept open. In my opinion many will follow the example of those who have already subscribed over £357000 through this channel. Probably Lant War Loan,' '"Speaking of the loan generally, I think the view I hold will not be contended against by many people in New Zealand, namely, that for n young country, even with the accumulations that are reported to be available, particularly since the war began, the contributions of over nine and a-quarter mil-' lions is a wonderful achievement, T have very little doubt that if-it should unhappily be necessary a year from now —which in my opinion is very unlikely —that the country will require another loan for war purposes, that fine spirit of loyalty and patriotism which nil classes of the community have shown throughout the Dominion's history would produce results quite equal to what has been done, splendid as it is, on the present occasion, I may be i wrong, ot' course, in my asmnption, but 11 have the fixed conviction, as the result of a close study of' events, that we have raised our first and last war loan in connection with the great struggle now going on. Events are happening, at all fronts, and in other respects also, that clearly indicate that the enemy is-weak-ening, that the great amity and determination of Great Britain and her Allies are greater to-day than at the beginning of the war, that they are one and all fired with the fixed, firm belief for which there is justification, that they have the enemy, so to speak, on the' run, slightly though it may be. These features are naturally infusing an added spirit of determination into the armies of the Allies, and it must, before very long commence to tell a still greater, and more effective tale and bring about that out-and-out victory which is the only way in which this war will be finished.",