VICTORY LOAN

Timaru Herald, Volume CLVI, Issue 22991, 7 September 1944, Page 4

VICTORY LOAN

Co-operation Of Trading Banks (N.Z.P.A.) WELLINGTON, Sept. 6. Clients of the trading banks have received a personally directed circular from their bank manager. This is not. only a reminder of a patriotic obligation in regard to the Victory Loan, states the National War Loan Committee, but shows how the banks are prepared to facilitate the issue of a highly important source of investment. The offer of the banks is to make advances to individual customers for the purchase of war loan stock, the rate of interest debited to the customer’s account being the same as the relative return from the investment, namely, 2i or 3 per cent, until the bank advance is repaid in April, 1945. This banking service will make investment easier for the propertyowning class in the community. They have had a lot to lose, and if the fighting men had not been willing to risk everything those assets would not to-day be worth considering as a loan security .so there is a clear call to pledge assets for national security. The victory loan makes calls on everyone’s spare cash, but £40,000,000 could not fairly be raised by calling upon the current year’s savings alone, hence the necessity for converting all savings into victory loan stock. Money translated into labour power turns out the weapons of victory which will be so competently used by our fighting services. The amount subscribed to the Victory Loan to-day was £304,205, making the total to date £8.190,605. The objective percentages obtained to date are as follows: Southland 46. Auckland 37, Taranaki 29, Otago 26. Marlborough 22, Wanganui and North Otago 20, Manawatu 19, Hawke's Bay, Nelson and Wellington 18, Westland. Waikato-King Country and South Canterbury 17, Wairarapa, Buller and Northland 16, Canterbury, Gisborne and Thames-Bav of Plenty 15.