OPENING OF WAR LOAN

Southland Times, Issue 25669, 11 May 1945, Page 3

OPENING OF WAR LOAN

Good Progress By Committees SUBSCRIPTIONS IN ADVANCE (Special) WELLINGTON, May 10. “This is no time to be placid. The war is far from won,” declared the acting Prime Minister and Minister of Finance, Mr Nash, when he announced last night the hope of the Government and of the war loan committees that on Monday next, when the 1945 Victory Loan campaign opens, that fully half of the required £25,000,000 will have been subscribed. The spirit of New Zealand during five and a-half years of war had, said the Minister, been irreproachable, but there were dangers today which we had to recognize. We had exerted ourselves fully both in fighting and working to assist in bringing the war to its present stage, but who were we to say that it was time to relax? Our first duty was to press on until the defeat of Japan. We were not alone in this, but New Zealand had special obligations. “The Japanese actually threatened our shores,” continued Mr Nash. “We were spared the horrors of a Japanese invasion because the Americans at the Coral Sea and Midway battles, particularly Midway, and the Australians in New Guinea checked the tide of Japanese aggression. The Americans and j Australians are today fighting battles as I fierce as any that have already taken I place to roll the Japanese back furI ther. Out of gratitude and for our own 1 honour, we have no alternative but to I continue to fight with our comrades. I The people of Britain also have sent their forces many thousands of miles from their homes to assist in ridding the Pacific of the menace which threatened us directly.” REHABILITATION PLANS New Zealand was reminded by the Minister of the rehabilitation plans already swinging into operation. These would continue to be developed more and more as thousands of our servicemen returned home. Thus two major obligations faced us, and we had to find I the money, not only on this account, i but also to pay for the victory that had ' already been won. The cost of the war to ; New Zealand up to March 31 last had ; been over £500,000,000. The rate of spending in the last year was estimated at about £133,000,000. “But,” added Mr Nash, “this expenditure does not stop because Germany has been defeated. A great many bills have yet to be paid. After the last war the greatest expenditure of any year was incurred at the end of the war and in the year following. Similarly, the expenditure anticipated this year will be exceedingly heavy, although it has J been possible to reduce the amount of ! the war loan this year to £25,000,000.” SOUTHLAND’S EFFORT The Minister has received a number of telegrams from chairmen of district loan committees regarding the prospects of raising one-half of their district quota before the loan formally opens. Otago reported £200,000 in sight, and its neighbour telegraphed: “Southland will be there. Half a million in sight on preliminary skirmishing.” Taranaki reported that prospects were excellent with over £150,000 in sight, while the Waikato-King Country district considers that £250,000 is in sight. A message from Westland states: “Eighty thousand in sight. The good old Coast will do its best.” The Hawke’s Bay message was: “Prospects are very bright. The will to win is with us.” South Canterbury, in reporting that prospects were good, : added: “The machinery is super- | charged.”