£50,000 MORE TO LIBERTY LOAN

Southland Times, Issue 24756, 29 May 1942, Page 4

£50,000 MORE TO LIBERTY LOAN

Savings Bank Invests

£200,000

The president of the Invercargill Savings Bank, Mr W. A. Ott, announced yesterday that the trustees had decided, in order to encourage all to do their very best in the interests of the Liberty Loan, to invest a further sum of £50,000, making the bank’s total investment £200,000.

It was also announced yesterday that the Southland Building Society, had increased its subscription to £50,000. The directors felt that this might be an incentive to other institutions and individuals to invest to the limit. The Southland County Council has decided to invest £lO,OOO and the Bluff Harbour Board £7OOO.

Many more firms are purchasing stocks of £1 Liberty Bonds and arranging payment by their employees on a small wage deduction basis until they are paid for. One purchase of 1000 £1 Liberty Bonds was made at the Chief Post Office yesterday and Herbert, Haynes and Co., Ltd., sold £lOO worth in one lot Many smaller sales are also being effected, and it is expected that large sales will be made during the closing days of the loan. Mr E. A. Cameron, president of the Southland Provincial Executive of the Farmers’ Union, will give a. radio talk on the loan at 7 o’clock this evening, Mr John Gilkison at 5.55 p.m. tomorrow, Dr A. Owen-Johnston at 7.25 p.m .on Monday and Mr A. Wachner at 7.15 p.m. on Tuesday. The Southland Liberty Loan Committee, under the chairmanship of Mr A. Wachner, again met at the Town Hall yesterday and discussed ways and means of obtaining a maximum response to ensure that Southlands quota of £500,000 is reached by June 2. Mr Wachner has agreed to accept subscriptions at the Town Hall from 11 a.m. to noon on Monday. The Chief Post Office will also be open with a voluntary staff from 11 am. to 1 p.m. for this purpose.

SUPPORT OF PUBLIC URGED BANK DIRECTOR’S APPEAL An appeal for public support for the Liberty Loan was made by Mr M. Silverstone, of Dunedin, a director of the Reserve Bank, in an interview with The Southland Times yesterday. . The action of the Reserve Bank in sending its representatives through the country was a new departure, Mr Silverstone said. The bank was naturally anxious to see that the loan was a success. It had a double object in sending directors and officers through New Zealand. The first was to get acquainted with the views of the people in the various parts of New Zealand, and the second was to lay before financial institutions the bank’s point of view. “War is not fought with fine words and propaganda,” he continued. “Although file value of propaganda cannot be underestimated it must be recognized that war is fought with munitions, guns, tanks and warships. In addition we have got to keep the Army effective and in good health. All these things must be paid for now while the war is on. Money is needed and it cannot be manufactured out of nothing. Money manufactured out of nothing would be disastrous in its effects on the nation’s well-being and stability. Nor can we wait until we save up sufficient money to buy weapons. If we did that we would be the . victims, not (he victors. In the main there are only two ways the Government can finance the war. They are by direct taxation and by borrowing.” SACRIFICES NECESSARY

Wars called for sacrifices, and the greatest sacrifice of all was hxxman life. Lending money to pay for the war was not a sacrifice, but it was the duty and privilege of every citizen. Mr Silverstone said he wished to remind persons in Otago and Southland with large or small investments that if Britain or her Allies lost the war those investments would not be worth the paper on which they were written. This fundamental fact should be realized by all. Proof of it could be found in the illustrations of the conquered countries over-run by Fascist marauders. “The war loan has been so arranged that every citizen who can spare only £1 or any larger amount to lend to the Government fox- this most important purpose can do so,” Mi- Silverstone added. “I want to say that the burden that we in New Zealand are asked to carry, financially at least, is not nearly so heavy as the people in Great Britain are called on to bear. I appeal to the people of Otago and Southland to make this Government war loan an outstanding and overwhelming success. The time is short and the need is very urgent. If the wax- for liberty is worth fighting, it is worth paying for. Let us show our enemies that we mean to fight, to pay and win the war and free the world once and for all from the tyranny of Fascism and preserve the liberties our ancestors fought and died for.”

TOTAL EXCEEDS £10,000,000

(P.A.) WELLINGTON, May 28. Figures released tonight by the Reserve Bank show that the total subscribed for the Liberty Loan to date is £10,540.360, comprising: 2’,2 per cent, stock, £3,950,090; 3 per cent, stock, £6,590,270. Large applications reported include: Wellington City Council, £100,000; Vacuum Oil Company, £12,000; Williams and Kettle, £10,000; Hancock and Company, £10,000; Sargood, Son and Ewen, £35,000; Thomson, Lewis and Company, £10,000; Colonial Mutual Life, £50,000.