VICTORY WAR LOAN.

Pelorus Guardian and Miners' Advocate., Volume 29, Issue 17, 2 March 1917, Page 5

VICTORY WAR LOAN.

TOTAL OVER A BILLION. In the House of Commons, Mr JBonar Law, Chancellor of the Exchequer, said the War Luan subscription exceeded £1,000,000,000. Mr Bonat Law said that since his last statement regarding the War Loan over 200,000 applications previoualy not examined had been totalled. The result was above what even a week ago he would not have con sidered possible. They totalled £IOO,812,950. The new money included applications from the Bank of England amounting to £819,588,000; converted Treasury bills £130,711,950; Post Office, £30,715,000; and war savings certificates £19,300,000. Regarding the conversions of Treasury bills, he pointed out that the average period thereof was four months. He thought it right to consider the State’s freedom therefrom as iquivalent to new money. In addition to a thousand million sterling, the Treasury had received £196,000 from 87 individuals free of interest, and also £64,000 from 44 persons as gifts. The number of subscribers to the 1915 loan was 1,100,000 equally divided between the Post Office and the banks. There were eight million applications for this loan, including 1,089,000 through the Post Office, and certificates to the number of 5,600,000 had been sold, representing 2,800,000 subscribers. Though Germmy’s population was fifty per cent, greater than Britain’s, the subscribers to the last German loan numbered only 3,810,000. The groat bulk of the earlier British loam had been converted, and also 233 million of Exchequer bonds, The floating debt was now 994 millions, compared with £1,652,000,000 when the lean was floated. Gifts of'jewels by ladies and others were returned He paid a tribute to ? the patriotism exhibited by such offers.