QUOTA EASILY PASSED

Southland Times, Issue 24761, 4 June 1942, Page 4

QUOTA EASILY PASSED

SOUTHLAND’S SHARE IN LOAN

Southland’s quota of £500,630 of the £15,000,000 Liberty Loan Has been easily exceeded. Final figuresLvere not available last night, but it is expected that when the complete returns are to hand they will show a total, nearer £600,000 than £500,000. The. result is regarded as highly satisfactory. Yesterday, which was the final day of the loan, there was again a brisk demand in the city for Liberty Loan stock and the £1 Liberty Bonds. Much of this business was transacted at the Chief Post Office. The savings bank department was thronged all day by people investing in stock or buying bonds. Many of them withdrew money from their savings bank accounts to invest in the loan. SALE OF BONDS

The Redwing training aeroplane of the Invercargill squadron of the Air Training Corps was again in position outside the post office, and it proved an even more valuable adjunct in stimulating the sale of bonds than it had done the previous day. During the day cadets of the Air Training Corps, who were stationed at the plane, sold no fewer than 1705 £1 bonds, compared with 901 the previous day, making a total of 2606 for the two days. Complete figures for the sale of bonds were not available last night, but it is practically certain that more than £6OOO worth were sold during the day in the Invercargill postal district. Many firms have bought parcels of bonds. These will be purchased by members of their staffs on a weekly instalment basis. A total of 1200 bonds was sold in one lot. The sale of Idan stock at post offices in the Invercargill postal district yesterday totalled £30,220, made up of 181 applications for 1947 stock of a total value of £15,410 and 106 applications for 1952-55 stock of a total value of £14,810. This does not take account of stock sold by banks and brokers. Members of the staff of the Invercargill Post Office had a very busy time on Tuesday and yesterday. They returned to work on Tuesday night and worked on until 1 a.m. in balancing up and clearing up the heavy business of the day. They were back again at work last night and worked till a late hour. LARGE INVESTMENTS Though the loan subscription figures for Southland have not yet been fully analysed, it is probable that about £320,000 of the total amount raised in Southland came from large investors. If this estimate is correct, then the amount received from small investors is probably about £250,000. Among the larger investors are: Invercargill Savings Bank, £200,000; Southland Building Society, £50,000; Southland Frozen Meat Company, £20,000; Southland County Council, £10,000; Bluff Harbour Board, £7000; Ohai Railway Board, £5000; Invercargill City Council, £4500. Referring to the subscription of the Invercargill Savings Bank, the chairman, Mr W. A. Ott, pointed out at the function in the Tudor Lounge yesterday

that the majority of the 26,000 depositors with the bank were people of pioderate means. The average deposit with the bank was £63.

In addition to the subscriptions given above a number of firms in the city made four-figure subscriptions to the loan.

The total number of £1 Liberty Bonds sold in. the Invercargill postal district is not yet definitely known, but it is thought to be about 30,000. The total amount subscribed to the loan at Bluff was £11,285. This amount includes £445 worth of Liberty Bonds. GORE FIGURES

Gore’s unofficial quota of £50,000 in the £15,000,000 Liberty Loan was oversubscribed by more than £6OOO at the close of business yesterday. The residents of Gore have made a keen demand for Liberty Loan stock during the last few days and on Tuesday and yesterday more than £19,000 was invested. The total investments amounted to £56,634. There has also been a good sale of Liberty Bonds, and up to yesterday morning the investments totalled £384. The final figures were not available last night.