DOMINION WAR LOAN.

New Zealand Herald, Volume LV, Issue 16825, 16 April 1918, Page 6

DOMINION WAR LOAN.

AUCKLAND SUBSCRIPTIONS. POST OFFICE RECEIPTS £409,026. Subscriptions to the Dominion war loan of £9.500,000 closed yesterday. As was the case with previous loans, a large proportion of the business was effected on the last day, and the banks, brokers, and the War Loan Department at the chief post office and sub-offices were busily engaged throughout the day in dealing with intending investors. At the chief post office tellers at four counters were oceirpied continuously in receiving subscriptions. Inquiries showed that a very large proportion of the receipts represented investments by small investors. A busy day was also experienced at the Auckland Savings Bank, where two tellers from the War Loan Department were kept busy receiving subscriptions by depositors at the bank. The sum contributed through the post office yesterday was £52,765 in 4£ per cent, bonds, £12,700 in 5 per cent, post office bonds, and £23,667 lis in war loan certificates. These are town figures only. The following are the largest Auckland subscriptions to the war loan, of which the Colonial Sugar Refining Company's subscription is included in the receipts at the chief post office:— Auckland Savings Bank .. .. £100.000 Colonial Sugar Refining Company .. 100,000 New Zealand Insurance Company .. 60,000 South British Insurance Company.. <6u,000 Auckland Racing Club 10.000 Northern Roller Milling Co 6,000 The total received at post offices in the Auckland district for the period during which the loan \va3 open was £409,026 10s, made up as follows — i\ per cent. 5 per cent. bonds. bonds. Certificates. Town . £194,515 £48.100 £49,577 8 Country .. 24.530 32.200 60.104 9 Totals .. £219,045 £80,300 £109,681 1Q

CITY VIEWS ON THE LOAN. .THE COMPULSORY CLAUSES. From inquiries made yesterday, it appears, so far as can be judged from the figures available, that the Auckland subscriptions to the war loan are not more than one-third of the amount contributed to the last loan. It was pointed out by business men that great dissatisfaction exists among persons of moderate means over the advantage given to wealthy people and companies in .he income tax exemption which the bonds carry. Tins, it was contended, accounted largely for the small subscription. But it was considered that the chief factor was undoubtedly the fixed determination of the great majority of those who did their duty in respect of the last loan to compel the Government to enforce to the utmost compulsion on financial shirkers. When this was done many citizens who were willing to do all in their power to help the Government, provided financial shirkers did not benefit, would again subscribe liberally. Another opinion expressed was that the uncertainty of the position in regard to subscriptions to the next loan had occasioned alarm, and had militated against the success of the present issue. It was contended that the amending legislation now before the House threw on Civil servants sitting in secret conclave the power to fix contributions, which should be fixed by Parliament alone. Auckland sharebrokers spent a busy day yesterday in dealing- with their clients' subscriptions to the loan. It was reported that application for war loan scrip were about as numerous as in tho previous loan, but the amounts subscribed were considerably smaller. No large investments were announced.