PREMIUM BONDS
Sir, —Those who are in a position to know estimate that over £20,000 a month goes overseas to be invested in lotteries. Is it not time that our Government adopted the premium bond method of raising loans for national undertakings? An £8,000,000 premium boiid loan could be raised in a reason, able time, bonds being issued through all post offices, and these bonds could be available on an instalment plan. I would suggest that interest on these loans be at 2 per cent, with 1 per cent sinking fund, the remaining interest to be allotted by way of prizes to be drawn quarterly, winners of sums exceeding £IOOO to stand down for twelve months. With such a scheme started the present uneconomic art unions could be dispensed with. Planned national development could be introduced by the Government, and I would suggest afforestation, swamp drainage, planting of encroaching sand dunes, stop-banking of tidal rivers and the reclaiming of tidal fiats. Those who object to the gamble element in premium .bond financing can —when assisting national finance by buying bonds—specify that they will accept 2 per cent interest and not participate in the quarterly draw. Gambler.
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New Zealand Herald, Volume LXX, Issue 21596, 14 September 1933, Page 12
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196PREMIUM BONDS New Zealand Herald, Volume LXX, Issue 21596, 14 September 1933, Page 12
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