THIRD LIBERTY LOAN

Otago Daily Times, Issue 25277, 14 July 1943, Page 4

THIRD LIBERTY LOAN

/ ; ♦ TRIBUTES-TO OTAGO “ It is a distinct credit to the people of Otago that in five weeks they subscribed i, the sum of £2,783,830 to the Third Liberty Loan,” said Mr J. G. Dykes, chairman of the War Loan Committee, at a morning tea given by him yesterday to the members of the committee and of the National Savings Committee. The meeting, which was described by Mr. Dykes as tire War Loan Committee’s " swan song,” was attended by Messrs C. J. Wood, C. E. Begg, A. Thomas, H. Ninnis, H. Miller, J. R. H. Caiman, and L. W. Penrose (secretary), all of the War Loan Committee, and Messrs D. C. Cameron (chairman), L. H. Frude, S. Lawn, M. S. Bullivant, R. Walls, H. Palmer, D. A. Palmer, E. Sincock, M. Silverstone, H. C. McDonald, and P. Dawson, of the National Savings Committee. Mr Dykes said they had embarked on the campaign with two objectives—to raise the quota of £2,492,000 and to obtain, more widespread subscriptions from individuals, particularly those whose incomes thad been expanded as the result of war conditions, in order, if possible, to relieve Ihe markets for consumer goods, of inflationary pressure. It was estimated conservatively that subscriptions for stock, bonds, and National Savings had reached 40,000. If people could be encouraged to continue purchases of small denomination bonds, or to make deposits in National Savings accounls, they would not only be helping themselves, but also their country by providing a steady, flow of money to pay for a part of the cost of the war. Referring to the part played by commercial businesses, Mr Dykes said they had responded well, in some cases contributing a sum .equal to half their paid-up capital. It was scarcely to be expected that this could be continued at the. same rate indefinitely. Consequently it became apparent that the more encouragement that could be given to the smaller individual subscribers to buy little and often the steadier the stream of loan money would be and the less would be the amount required to be taken from the working capital of commerce. The true goal was to reach money that would otherwise be spent. Mr Dykes concluded by thanking all those who had given their help on behalf of their country in organising the campaign. • The Deputy Mayor (Mr D. C. Cameron) congratulated the executive on behalf of the city, and saifi that if another war loan was necessary they had an experienced organisation ready to handle It. Mr M. Silverstone, as a governor of the Reserve Bank, also congratulated the committees responsible for raising Otago’s quota and said that they would all, like to see people saving a little at a time regujarly. He also asked that concerns which had contributed large amounts should not remove their money immediately the loan matured as that would not help the Government.

DUNEDIN SAVINGS BANK THANKED

* The manager of till; Dunedin Savings • Bank yesterday received the following telegram from Mr W. L. Ward, chairman of the National War Loan Committee: “The National War Loan Committee expresses'its warm,appreciation and grateful thanks to all officers of your bank who worked so hard for the success. of the Third Liberty Loan. The committee realises that the 'outstanding success achieved was due in no small measure to the . part played by them.”

LIFE ASSURANCE SOCIETIES

(P.A;) • ; WELLINGTON, July. 13. “The life assurance societies operating in New Zealand made a substantial contribution to the Third Liberty Loan which is worth detailing, as their subscriptions have so far appeared only as part of the total invested by national institutions," states the National War Loan Committee, “The A.M.P. Society invested £1,000,000. the T. and G.' Society £400,000, Government Life £400,000, Mutual Life and Citizens’ £350,000, the Colonial Mutual Life £IOO,OOO, the , National Mutual Life £250,000, the Prudential Assurance Company £50,000, the Dominion Life Assurance £35,000, and the Norwich Union Life £140,000. .. ' . , . •• ; “The investments of the above societies,” the committee adds, " total £2,725,000, a substantial contribution which was made possible by the exercise of thrift by a large section of the Do-minion’s-population.” < 1

MASTERTON’S CONTRIBUTION

(P.A.) MASTERTON, July 13. Masterton has subscribed £365,702 to the Liberty Loan, the quota being £262,800. This represents 139 per cent.