THE OTAGO DAILY TIMES Friday, October 6, 1944. THE VICTORY LOAN

Otago Daily Times, Issue 25659, 6 October 1944, Page 4

THE OTAGO DAILY TIMES Friday, October 6, 1944. THE VICTORY LOAN

.There is cause for general satisfaction in the successful flotation of the Victory War Loan of £40,000,000 — the largest loan ever placed on the New Zealand market —even though it was only at the eleventh hour that this fortunate consummation was reached. The success of the loan should never have been in doubt. More than forty millions were subscribed last year when the Government asked for a subscription of £35,000,000 for war purposes. And the evidence that the funds were available in the Dominion to provide . the amount of the loan without any difficulty was present in the returns which showed the very large sums that were on deposit in the banks. It is pertinent and necessary, in . these circumstances, to inquire, how it was that the Government had actually, through, various channels, to plead with the public for subscriptions to the loan. One explanation, perhaps that which was most powerful in its effect, was that a doubt had been created whether the Government really required the full amount of the loan. This doubt had its origin, in part, in the optimistic utterances of military leaders of the Allies respecting the probable duration of the war with Germany. If Germany was to be forced to surrender before the end of the year, then, it was reasoned, the Government would not need nearly as much as would have to be placed at its disposal if the war was to be continued throughout another European winter. The recent, pronouncements of members of the Government respecting a substantial reduction in the personnel of the air force and respecting fresh dispositions of the Expeditionary Force were also interpreted —no doubt rightly —as su proof that the charges on the War Expenses Account for the maintenance of the Dominion's fighting units would be considerably lessened during the year. These are considerations ‘which must have weighed with different sections, of the community. It may also be suggested in all seriousness to the , Government that its administration of the War Expenses Account had at least something to do with the lukewarmness with which the loan project was received in many quarters. ‘lf the comparative tardiness of the response to the loan conveys to the Government an indication of the rising of public impatience . with the wasteful use of the funds contained in the War Expenses Account it may have a salutary effect. Moreover, criticism/ may justly be- applied to some of the devices employed by the Government to secure support for the loan. The use which it made of the telegraph service was, at least, unfortunate. The delivery, of urgent telegrams from the Prime Minister to private individuals, soliciting subscriptions to the loan, was plainly liable to excite grave apprehensions in the minds of Recipients who have sons or , daughters serving- in the armed forces abroad. The reported blackmailing of a Chinese market gardener who was negojiating for the purchase of a property and the pressure that was shamelessly exerted on the members of the staff of a State department are examples of a method of soliciting subscrip-' tions to the loan that are distinctly reprehensible. It is sincerely to be hoped that there will be no repetition of methods so flagrantly objectionable as these: