THE WAR LOAN.

Oamaru Mail, Volume XLIX, Issue 13239, 28 August 1917, Page 4

THE WAR LOAN.

DEATH DITTIES STOCK. APPLICATIONS EXCEED AMOUNT AVAILABLE. Per Pbess Association. Wellington, August 27. The Minister of Finance,, who was entertained at luncheon to-day by the Commercial Travellers' and Warehousemen's Association, made a speech on the War Loan, in the. course of which he said an appeal was being made that' involved great- national effort and sncrifice. But those sacrifices were, not •going to be made vainly. He was certain" that the money would be found. He pointed out that the -duty of all able to do so was to invest in the War Loan, and said that:those who suffered the loss of their money would make- a. small, sacrifice in comparison with the man who laid down his life in our cause.

Sir Joseph Ward made special reference to the stock the Government had' made available for the payment of death duties, and said': "We have provided inscribed stock to the value of £1,000,000, to be applied for by people; who wish to set it aside for the payment of death duties. I have every reason to believe that the applications for this stock will be far in- excess of the £1,000,000 provided-, and there will require to be an allocation among the applicants. When the Treasury is considering the allocation of this death duty stock it will be guided largely by the'investments in the ordinary inscribed stock. All will be treated fairly, but the amount of ordinary stock applied for will be considered in the allocation of the death duty stock. No person will get death duty stock only. Death duty stock will not be saleable, at a profit-' by any person who receives it. It will be inscribed with the name of the purchaser, who will not be allowed to make a profit by selling it subsequently. If the holder wishes to sell he may take the stock to the Treasury, which will buy it at- full face value and' then sell it at the original price of issue to somebody else. This death duty stock will be accepted as cash for the payment of death duties. It is understood a splendid response to Sir Joseph Ward's appeal was aftermade by members. GAS COMPANY'S INVESTMENT. Per Peess Association. Auckland, August 27. The Auckland Gas Company has subscribed £20,000 to the War Loan.

OAMARU HARBOR BOARD INVESTS £6,000.

At the Harbor Board's meeting this morning the circular (already published) from the Finance Minister urging support- of the War Loan was received. Mr J. G. Nicolls moved that the £6OOO placed to the Harbor Renewals and Improvements Account be invested in Liberty War Loan bonds. . The money was not likely to be urgently needed, and if it were, the bond's-could be financed against. Moreover, a higher rate of interest would be obtained for the money. Mr A. N". Hayes heartily seconded the motion. The Chairman said that this sum, as Mr Nicolls had stated, had been set aside for prospective extensions or repairs to the harbor, as was authorised' by the Act. As regarded l financing against the bonds, he had arranged with the Board's bankers that this should be done if required. Apart altogether from the financial aspect of the question, the investment- was a duty of the Board's. —(Hear, hear.) He suggested that an additional £2OOO be taken from the General Account and placed to the Harbor Improvement and Ro.newals Account, making £BOOO now to the credit of that account. Incidentally this would obviate the necessity of interfering with fixed deposits until their due date, for the £2OOO to be withdrawn from the General Account could be used' as the first- instalment of the amount- to be invested- in the War Loan. The Act- did not allow investments direct from the General Account in War Loan, but it authorised them fi'om the Board's special accounts. In terms of the Chairman's suggestion, Mr A. Macka-y moved and Mr C. J. Marshall seconded, that £2OOO be placed to the credit of the Harbor Improvement's and Renewals Account, which was carried. Mr Nicolls' motion was then carried unanimously.