WAR LOAN

Otago Daily Times, Issue 24696, 27 August 1941, Page 8

WAR LOAN

DISAPPOINTING RESPONSE IMPORTANT ASPECTS APPEAL BY STOCK EXCHANGE PRESIDENT (Special) WELLINGTON, Aug. 26. “.It is very disappointing to hear from the Minister's broadcast address that we have not yet reached the halfway mark for the Victory War Loan, with only a week left to subscribe, the balance,” said Mr Andrew Hamilton, president of the Stock Exchange Asr sociation of New Zealand in ah interview, to-day. “Admittedly, the loan follows closely on the recent successful conversion, as well as the income tax drain only a few months ago, the National Development Loan in the first part of the year, and the compulsory loan last September. The last-named loan, of course, had serious effects, and left its mark on many people and business ■ quarters who might have-sub-scribed to-day. “At the same time there is plenty of money about, judging from the .present position; of the Government stock market and. banking position. We should be abje to have the loan fully subscribed without any great difficulty*. There are many people with money lying idle in different accounts which could profitably be lent to the country. Perhaps it is that they are not acquainted with the advantages of ■Government loans as a safe deposit for their: money.;:' ■■ v Provision for Death Duties

“Another point that seems to have escaped the attention of many, business men is the ready means/ the '.loan provides, in setting aside liquid funds,with which trustees could at once. pay; death duties and free the remaining assets in an estate. The ’ taking up of death-duty stock is equivalent to the setting aside of Cash, which would earn interest until such time as . death duties have to be provided, and in the meantime that money is helping to win the war.. When this point has been explained and fully realised, a number of ready applications have come forward. . ‘ „ “ One of the worst features that seem t 6 be holding back subscriptions is the continued concentration on politics, which is obviously clouding many people’s sense of duty. On the one ‘hand, we are met with the reply that it' is the duty of the wealthy class to subscribe, and on the other mat the Government’s spending programme has been too lavish.. We are all entitled to our own views on politics, but while this loan is open the least we can do is to leave this argument alone and keep it in its proper place until we have found the money to look after the troops. No Satisfaction to Soldiers “It is not much satisfaction 1 to the men in the field to gb hungry while their friends at home, living in safety, are arguing the-,point, as' to who should provide the money and which Government should:be in- power;. If ;we do not win the war we won’t need to worry what Government is in charge. ' "Another important aspect ' that seems'to be generally overlookedis the effect on our prestige overseas. While our war effort is undoubtedly good in many ways, the old saying that money talks still holds good. If we cannot find a few million pounds ourselves we have no right to expect England to bear the burden of financing other people as well as standing up to the sticky part while we live in comfort and safety. During the last few days, however, interest seems to have warmed up, and brokers are getting better results to their appeals. It is do be hoped that the usual last-minute rush will reach the required total.”