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Taranaki Herald, Volume LXVI, Issue 16301, 29 November 1918, Page 2

Sir Joseph Ward is supposed to be an expert in the raising of loans, but during the war he has shown little of the adaptiveness shown by financiers in other countries. There competitive methods have been practised, the widest publicity sought and small investors encouraged to subscribe small amounts weekly for war certificates. In New Zealand the amount subscribed to the loans has been kept a deep secret until the last day for subscription has arrived and not a single Minister has ever made an appeal for investors. Sir Joseph Ward prefers that the money should bo provided by wealthy men and big companies and has given very little encouragement to the small investor. But for the energy of the newspapers and the really patriotic desire of the people to help on the war, the subscriptions to war certificates would have been very small; as it is they have amounted to four millions and a little more enthusiasm on the part of, the authorities would' easily have added another million. Sir Joseph "Ward now tells us that it will be more difficult to raise money locally after the war. Tills is .probably true, as the call of patriotism will not be so strong. This is all the more reason for encouraging the small investor to keep up his contributions. For several years hundreds of people in the Dominion have been giving sums from one shilling a week upward to buy war certificates. The money has hardly been missed and the habit is now formed. A wise statesman would seize the opportunity and put forward an attractive scheme to continue drawing those shillings into the Treasury. In many cases an element of local interest might be added'. Money, for example, is wanted for the Opunake railway and £50,000 perhaps is placed on the Estimates. Then an energetic appeal would bo made to the people of Taranaki to come along with £IOOO a ■week. Prohibitionists tell us that if the hotels are closed there will be money to burn; Jet the Treasurer be out after it before other means of spending it are discovered. During the war the habit of giving has grown and it should' be transformed into the habit of investing.