HUGE SUMS SUBSCRIBED IN FIRST FEW HOURS.

Poverty Bay Herald, Volume XLIV, Issue 14221, 12 February 1917, Page 3

HUGE SUMS SUBSCRIBED IN FIRST FEW HOURS.

LONDON, January 13. In less than four hour s after the new British war loan had been opened to subscriptions yesterday one hundred million had been pledged. By noon it became apparent that the great "War to Victory" loan was to be an unprecedented success. Thus have the British people replied to the procession of peace notes started by Germany, , The first subscriptions to the new loan made shortly after 8.30 o'clock in the morning were a cheque for £100,000 from an insurance company. This was followed by a flood of. subscriptions, small and great. The largest was from the Prudential Assurance Company, which demanded' £20,000,000 worth. Several other corporations applied eai*ly in. the day for between one and. two millions as first installments. BANKERS AND COSTERS. Although six million prospectuses had already been disturbed through the post office, a jam of people was claimoiing at the door of the Bank of England's new war loan annex when it was opened at 8.30 o'clock. Bank clerks/ business mem, costermongers, soldiers and TFomen of all classes filed through the doors all morning to obtain prrispectuses for distribution. They were heaped in vast numberst on East End push darts and in limousines, to be scattered broadcast among wealthy clients arid prqsperbus merchants. Similar scenes were, enacted at the banks in London and throughput the kingdom ■ as well as. at all post offices. Application forms were distributed to munition workers everywhere, the Government especially asking for ,the workers' weekly savings. The public generally undoubtedly welcomed such an investment, not only because of >ts attractiveness, but. also because of the vague hints of compulsory loans in the future which will have no such appeal nor profit. TO SHORTEN WAR. ; It is quite evident that the , procession of peace notes has not affected the desire . of .the, British people to participate in the measure which they Confidently eXpect, will brincr theny a long way nearer to the end of war r 7 More and' more, the conviction is growing that the war will not be settled \by arms, but by economic pressure. British superiority, in this respect .is so great that the result is a foreeone conclusion if she can bring her advantage to bear fully upon the Central Powers. Much has been accomplished in a negative way by the 1 Allied, blockade, which is gradually starving out the Teutons. By mobilising) her capital Britain , can press irresistibly on. LONDON, January 10. The "victory loan" headquarter* are now open and have become the busiest place in Lombard street. The advance guard of the feank of 'England's army of 2500 helpers has taken, possession of a , commodious building just around from the Mansion House corner and are planning arrangements to receive Ywaggon loads of prospectuses and to- distribute them by the million. The building has five storeys, ; and every inch of space will be used. At least 20,000,000 documents will have, to be sent out, for there are 60 different kinds of application forms. On previousoccasions the bank has been abletoprint forms for loan issues itself, but the task this time ipVovcd too stupendous and the help of outside printing firms had to be secured. Those who know the details of the loan are pledged most solemnly to secrecy. Over £2,500,000,000 of the debt is available for conversion,' and though it is not assumed that anything like thia amount will be converted7the operation will undoubtedly resolve Hself into one of enormous, figures. . The real test of the success of the loan will be the amount of "new money" which it attracts: Every effort will be made .to make the loan a national triumph for it is the general -expectation that it will be the last one in connection with the war.