OVER £1,000,000 RAISED

Southland Times, Issue 25478, 26 September 1944, Page 4

OVER £1,000,000 RAISED

Southland Total For Victory Loan

£500,000 REQUIRED

Southland has now raised more than £1,000,000 for the Victory Loan, but if the province is to reach its objective it must raise another £500,000 by Octdber 4. The amount received yesterday, £32,168, brought the total to £1,001,920. Yesterday’s receipts were made up of £25,040 in 47 applications for loan stock and £7128 from national savings deposits and the sale of Victory bonds. Mandeville, with £2239 in hand, has passed its quota of £2OOO. It is the fifth district in Southland to exceed its objective. All the successful districts are in Eastern Southland, which has now raised £145,745 towards its objective of £223,000. Gore, with an objective of £156,500, has raised £90,068. Invercargill is moving steadily towards its objective of £894,500. The amount received in the city yesterday, £24,810, raised the total for the city to £674,818, or 75.4 per cent, of the objective. SMALL INVESTORS “Of the £1,000,000 that Southland has already contributed to the loan £191,752 has come through national savings deposits and from the sale of Victory bonds,” said the district organizer, Mr W- G. Nield, yesterday. “If the subscriptions from large companies and financial institutions are deducted from the total it will be found that nearly half of the balance has been contributed by national savers and buyers of bonds. In addition the 1279 applications for loan stock received in Southland to date are nearly all-for small amounts, ranging from £lO to £2OO. This shows that while the small investors are supporting the loan well the people who could afford to make large investments are holding back.”

As the result of a canvass the employees of the Clifden Lime Co., Tuatapere, have invested £2OO in the Victory Loan. All the employees of Sherrill and Co., sawmillers, Tuatapere, have decided to invest in the losth and it is expected that they will subscribe a considerable amount.

HOW LOANS ARE REPAYED SINKING FUND FOR REDEMPTION

(P.A.) WELLINGTON, Sept. 25. Wai- needs make war loans imperative and the amounts, though measured in millions, are not raised without regard to the normal' peacetime provision for ultimate repayment, states the National War Loan Committee. Immediately the Victory Loan is subscribed the New Zealand Treasury will begin to set aside from current revenue the amount directed in the Repayment of Public Debt Act, 1925, to constitute the sinking fund for the redemption. This system operates in exactly the same way as the familiar table mortgages and whatever Government may be in power it cannot be varied unless the legislation is repealed. The question will be heard during the war loan campaign: “How will it be possible to repay our huge debt?” The method has just been explained. The fact that unlike the rest of our Public Debt the war loans are not spent on revenue-producing undertakings does not undermine the repayment system. Repayment over the years to come will be made out of the productivity of the Dominion, turned to such good account by an industrious population. INCREASED RESOURCES Our production resources have increased as a result of the war. New factories have been opened, new industries established and the land, the greatest producing asset of all, has been turned to account in a greater variety of ways, notably the raising of a crop entirely new to the Dominion, linen flax.

Only those with no faith in their country’s future could have any fears about investing in a victory loan.

£18,287,651 NOW IN

HAND

District Percentages

(P.A.) WELLINGTON, September 25. The amount subscribed to the Victory Loan today was £1,034,638, making the total to date £18,287,651.

The objective percentages obtained to date are: Southland district, 66; Auckland, 58; Otago, 49; Taranaki, 47; Marlborough, 46; Gisbome-East Coast, 45; North Otago, 43; Wanganui, 42; Manawatu, 39; Hawke’s Bay, Northland and Nelson, 38; Wellington, 37; Buller, 35; Wairarapa, 33; Waikato, King Country and Canterbury, 32; South Canterbury and Westland, 31; Thames-Bay of Plenty, 30.

BLUFF’S STREET DAY

Money Invested In Bonds

A highly successful street day for I the Victory Loan was conducted in Bluff by patriotic workers and members of the Women’s War Service Auxiliary. The sum of £3O was raised and bonds to the value of £BO were sold. Members of the patriotic committee and the W.W.S.A. are at present making a canvass of the town for. further donations to the loan. The sum of £3O will be invested in bonds, which will be handed to the Bluff Citizens’ Services Committee for the benefit of Bluff soldiers returning from the war.