LIBERTY WAR LOAN.

Otago Witness, Issue 3312, 5 September 1917, Page 40

LIBERTY WAR LOAN.

A GRATIFYING SUCCESS, AMOUNT LARGELY OVERSUBSQRSBED. NEARLY MILLIONS OFFERED. FINANCE MINISTER HIGHLY GRATIFIED. OPPORTUNITY FOR FURTHER SUBSCRIPTIONS. WELLINGTON, September 3. The period lixed originally for subscriptions to the liberty war loan closed to-day, and the Minister of Finance was able to announce to-night that the loan had been heavily over-subscribed.- The Government asked for £12,000,000 as a first instalment of the £22,000,000 it is estimated will be required for war purposes during the current financial year, and the amount received up to this evening was over £15,800,000. Sir Joseph Ward informed a Dominion reporter that the figures were not final. Some returns had still to be received, and he had reason to believe that the final total would exceed that very large sum. He mentioned that he was aware that some people had not been able to complete their subscriptions in the short time allowed, and there were other contributors—including companies, friendly societies, and trustees—who had to wait for powers that were being given by the Finance Bill at present before Parliament. He felt entitled to regard the loan as an unqualified success. The loan had been on tho market about three weeks, added the Minister. Some people thought that time was too short, but the result showed what the community could accomplish when it set to work in real earnest to meet a national call. A very fine spirit had been displayed throughout the dominion, and ho wished to thank warmly, on behalf of the Government, all those who assisted, publicly and privately, to make the loan a success. The last loan closed on August 20, 1916. That also had been oversubscribed. Within a period of a little over 12 months the people of NewZealand had provided over £30,000,000 for war purposes, this total including the proportion of money provided for public purposes through the medium of the Post Office Savings Bank, and this effort was simply magnificent. Sir Joseph Ward added that, although the period allowed for subscriptions to tho liberty loan had expired, the Treasury would! still accept sums that had been delayed for any reason. He would make a further announcement on that point later on.

DETAILED STATEMENT PROMISED. WHAT THE SMALL SUBSCRIBERS HAVE DONE. (From Oue Own Cokrespondent ) WELLINGTON, September 3. Sir Joseph Ward will make a detailed statement regarding the loan within a few days. When stating tonight that the amount already received, exceeded 152 millions, Sir Joseph mentioned that the largest single subscription was a quarter of a million. There were a fair number of large subscriptions, but a substantial proportion of the total was provided by the relatively small investors. Over £3,000,000 came through the postal and money order offices. The result of the loan appeal is a very gratifying success, and removes all apprehensions regarding the ability of the peopie of the dominion to complete the £22.000,000 required for this financial year's war expenditure. The Treasury will continue to accept subscriptions for some time, and it is likely that tho sale of war certificates and post office bonds will bo continued till the end of the year at least. AUCKLAND'S PROPORTION. AUCKLAND, September 3. Auckland's contributions to the war loan, so far as they have been compiled, amount to over £2.000,000, and there are several subscriptions to come in. The-amounts passed through the banks amounted approximately to £1.000,000, and the Post Office to £532,000. There were largo subscriptions to-day. The New Zealand and South British Insurance Companies each contributed £IOO,OOO, which is not included in the banks' total. SUBSCRIPTIONS AT CHRISTCHURCH. CHRISTCHURCH, September 3. Very brisk war loan business was clone at the Post Office to-day, the building being invaded by crowds of people. The following investments were made to-day:—4g per cent, war bonds, £160,250; war loan certificates, £29,332; Post Office war bonds, £s2,soo;—total for the day, £242,072. NORTH OTA GO'SI EFFORT. OAMARU, September 3. After a vigorous publicity campaign conducted throughout North Otago under the auspices of tho Waitaki County Council, assisted by a citizens' committee, the Liberty War Loan closed to-day with satisfactory results. The banks received £26,000, and the Post Office £58,593 lis, making a total of £84,393 lis. This is a creditable subscription, having regard to the fact that all the wealthiest of the local business houses, banks and mercantile, have their head omees elsewhere, and their subscriptions will be mado in one sum by the head offices, and the general sums have gone direct to the Treasury. SOUTHLAND" S CONTRIBUTION. INVERCARGILL, September 3. The Invercargill Post Office has taken £236,000 for the war loan, and the city

banks have handled £63,000. Country hank returns have still to come in, so that the complete figures will be over £300.000. PALMERSTON NORTH'S CONTRIBUTION. PALMERSTON N., Sptcmber 3. The total amount contributed bj' PalmerSton North was:—Post Office war bonds, £18.8cO; 4J, per cent, war bonds, £10.820; Post Office certificates, £30.600: bank of New Zealand. £53.700; Bank of Australasia, £20,0G0; Union Bank. £18.910; National Bank, £4150; Bank of Now South Wales, £4000: Bagnall and Keeble (brokers), £11.400 ;—total, £173,380. ■ NAPIER'S SUBSCRIPTIONS. NAPIER, September 3. War loan contributions were:—Napier banks, £410.000; Napier Post Office, £80,167; other post offices. £92.285 ;—toial, £582,452. POSITION IN DUNEDIN. THE LOCAL POST OFFICE. '" Never do today what you can put off to-morrow " is a perversion of an old aphorism which, nevertheless, is widely adopted by the people of to-day. The result, so far as applications for the war loan are concerned, is that the Dunedin Post Office has been literally blocked with loan applications during the past few days. On Sunday the Dunedin officials were kept hard at it till 10 o'clock at night catching up with the accumulation of work which had resulted from the rush of loan applications over tho three previous days. On Monday the officials iiad another big day, the counters being lined with applicants three and four deep. Presumably the experience in Dunedin was also encountered by the postal officials at tho other centres. The time of receiving applications was extended till 5 o'clock, and then the whole day's business, together with the returns from the branch offices m Otago, had to bo added up and the returns forwarded to Wellington. It was found impossible to obtain even a rough idea of the number and amount of the applications i-e----ceived yesterday at the local Post Office. DUNEDIN STOCK EXCHANGE. Dunedin sharebrokers state that nearly all business in investment stocks has for some days been practically suspended, brokers putting their whole effort into dealing with loan applications, and also advising hesitating investors to go in for tho loan. So far as can bo ascertained their efforts have met with a good deal of success. It is, however, generally admitted that a great deal more business might have been done if a few more days had been available between the time of receiving application forms and the dato of the closing of the loan. A LARGE INVESTMENT. It is reported that a well-known South Otago farmer has invested £50,000 in the war loan. PERPETUAL TRUSTEES AND AGENCY COMPANY. The Perpetual Trustees and Agency Company is investing £26,350 in the loan on behalf of the company and its clients. DUNEDIN SAVINGS BANK. At a meeting of the trustees of the Dunedin Savings Bank it was resolved to apply for £20,000 in the war loan. OTHER LOCAL INVESTMENTS. Messrs Chas. Begg and Co. (Ltd.) have decided to invest £IO,OOO in the war loan. The United Otago District, A.0.F., has invested £2OOO in the war loan. Messrs R. Hudson and Co. (Ltd.) havo invested £15,000 in the war loan. The Ivanhoe Druids' Lodge has invested £SOO in war bonds. Messrs Thomson and Co., cordial manufacturers, have invested £SQCO in the war loan. The local manager for New Zealand of tho Victoria Insurance Company, acting under instructions from his head office, on Monday applied for £IO,OOO in the war loan. This company also contributed very liberally to the'last war loan. The following investments were _ announced during the week:—The Union S.S. Company, £250.000; Messrs A. and 'l'. Burt, £10,000; Mosgiel Woollen Factory Companv, £5000; Bruce Woollen Mills Company, £5000; New Zealand Paper, Mills Company, £5000; Port Chalmers Borough Council, £1000; O'tago A. and P. Society, £1000; Dunedin City Council, £10,OC0; Otago Harbour Board, £15.000; Messrs Smith and Smith (Ltd.), £10.000; Kenipthorne, Prosser, and Co.'s New Zealand Drug Companv. £10.000; Messrs Hallenstoin Bros. '(Ltd.). Dunedin, £10,000; directors D.1.C., £10.000; Standard Insurance Company, £23,000 (making total investments in war loans £70,000). The Los'al Lumsden Oddfellows' Lodge invested £2OO. The Gore Borough Council has invested £SOO of its sinking fund, the Gore Oddfello.vs £SOO. and the Gore Starr-Bowkett Building Society £4OO. The Wellington Woollen Company invested £lo.ooo~in the Liberty Loan. The Kaiapoi Woollen Company is investing £5500. the Christchurch Sinking Fund Commissioners £4OOO. the Tramway Sinking Fund Commissioners £2OOO, the Lyttelton Borough Council £IOOO, New Zealand Refrigerating Company £31,400, and the Christchurch Tramway Board £2BOO. The Oamaru Harbour Board invested £6OOO. The Southland Frozen Meat Companv invested £12.000; Messrs Murrays (Ltd.), £SOOO- Bluff Harbour Eoarrl. £5000; Inverca •sill'Borough Council. £5030; Invercargill Salcvards Company. £IOOO. _ The Wanganui Foresters' Lodge invested The Palmerston North Borough Council invested £2300; the Patriotic Society. £5000; Manawatu Lodge, £400; and the Druids Lodge, £SOO. , _ .. _ _ „ Tho Oamaru Borough Council lown Halt commissioner has invested £SOO The Public Service Superannuation Board invested £10.000; the National Mutual Life Association. £60.000: Kaitoke County Council. £SOOO. Subscriptions by members of the \\ ollirigton Commercial Travellers' Club amounted The Wellington Harbour Board invested £20.000: Wellington Ancient Order of Foresters. £500; Auckland Racing Club. At 'the Goraldine stock sale 40 of tho farmers present subscribed £20,000.

OTHER INVESTMENTS. The head office. Auckland, of Messrs Wilson and Canham (Ltd.), and sk>" «-«.

porters, has advised the manager of the Duncdin branch of the firm that the company has invested £50,000 in the current war loan. The company subscribed £IO,OOO to the last war loan. The Maniototo Agricultural and Pastoral Association invested £SO in war loan certificates with a five years' currency.

NEW PLYMOUTH, September 3. The Harbour Board Sinking Fund Commissioners have invested £3OOO in the war loan, and the Taranaki Jockey Club £SOO. AUCKLAND, September 3. The subscriptions to the war loan will largely exceed the £1.500,000 aimed at. WELLINGTON, September 3. The A.M.P. Society subscribed £250,000 to the war loan. The Cunard Line (Australasian service) subscribe £25,000 WANGANUL September 3. The Post Office reports that Wanganui Subscriptions to the war loan amount to £102,760. TIMARU, September 3. The applications received at the local post office for South Canterbury totalled £162,390. POVERTY BAY SUBSCRIPTIONS. GISBORNE. September 3. War loan applications at the local post office totalled £62.000; other investments, £232,ooo;—total for Poverty Bay district, £294,000.