THE WAR LOANS.

Wairarapa Age, Volume XXXV, Issue 10713, 5 July 1915, Page 4

THE WAR LOANS.

The Chancellor of the Exchequer has stated in the British House of Commons that, while anxious to give residents of the Dominions every opportunity of subscrißingj to the war loan, he trusted that they would not lose sight of the fact that they can do perhaps a greater service to the Empire by lending to their own Governments, ami so reducing the calls by those Governments on the resources of the United Kingdom. This is tantamount to saying that the Governments of New Zealand, and oilier overseas dominions, should endeavour to raise whatever money they may require within themselves. The objection is naturally raised that if the people of New Zealand were to contribute the £10,000,000 loan that has been authorised by Parliament, industries would suffer- on account of the withdrawal of capital from investment. But a closer examination of the question will' .show that it would be cheaper to borrow locally than to allow our money to go to England and then borrow it back again. There is no gainsaying the fact that the financial strain in the coming year or two Tvill he ueute. But we must face the position with confidence and resignation, knowing that no sacrifice we can make will be too great to secure the triumphant victory of our arms in the life and death struggle in which we are engaged.