FOR AUSTRALIA

Wanganui Chronicle, Volume 73, Issue 460, 29 December 1930, Page 9

FOR AUSTRALIA

LOAN ENTHUSIASM FAITH IN OWN COUNTRY SYDNEY, Dec. 18. Just when it seemed that Australia would fail to respond to the efforts of the Federal Government to raise a loan of £28,000,000, there developed in Victoria an enthusiasm that has since spread all over the Commonwealth with surprising results. It seemed to suddenly dawn upon the people that the loan would be a failure, and from that time on the money simply poured in, demonstrating to the world the undoubted faith that Australian people had in their own country. To adopt an Americanism, they have 11 told the world.” Not since the war have the people been so united for the common good. The final rush exceeded all expectations, and so surprised the Commonwealth auk officials that they were unprepared, and on Monday last, after working at high pressure during the whole of the week-end, they were unable to announce the amount that had been subscribed. It was felt, . nevertheless, that the amount would be over-subscribed. Whether this was to be an actual fact or not, the result was sufficient answer to the croakers who had talked about the bankruptcy of Australia. Bondholders’ Loyalty. Of the £28,000,00 required, £20,000,000 was for redemption of war loans raised when the country was moved by the utmost enthusiasm—when the young manhood was giving its life-blood, the rest of the world their cash. To ensure the success of the loan it was essential that the holders of bonds should convert them into the new issue. At first the bondholders were shy about, taking up the offer, and this caused "-eat concern to the authoriti's, who could see no way of meeting the country’s obligations. Seemingly the bondholders had forgotten about their holdings, for once the publicity was properly developed they came forward loyally, and a great deal of the magnificant total is due to them. The balance of the loan is for the States and the Commonwealth, in accordance with the. proportion laid down by the Commonwealth Loan Council, and will be used for public works which should go a long way in the direction of relieving unemployment. ••.... A Remarkable Feature. The most remarkable feature of the campaign has been the response by the small investors, thousands of whom have invested as little as £lO. It was not until the loan was lagging that the national broadcasting services were invited to assist. The Australian Broadcasting Company set out to raise £soo,Out), and after five days it seemed that this objective would bo realised. The method was to appeal over the air for subscribers to the loan, and then to invite people to telephone to the studios the amou it they were prepared to contribute. Evidently Queensland people believe that the better the day the better the deed, for on Sunday last they promised £54,000 —a record for any one station for a single day. Most of the subscriptions that were announced over the air were for small amounts of between £lO and £5O, hut the response was none the less gratifying and, let it be said, surprising. Up to Monday night last it was estimated that 70,000 applications would be received before the loan was closed. The Employers’ Part Employers have played their part nobly in assisting the loan to success. They have made it easy for the employees to take out bonds for small amounts. Sums sufficient to buy bonds may be paid for in instalments extending over 20 weeks. Last Friday was a “day for Australia,” Many of the big trading firms gave a promise that the whole of their takings on that day would be invested in loan bonds. The result was that in Sydney there was a record shopping day. The exact result is not yet known ,but it is estimated that more than £150,000 will be subscribed as a result of this special and novel effort. Certainly it was months since such vast crowds wore seen in Sydney’s shopping areas. Exports say that the world has been waiting for j t such a gesture as Australia has herself provided. It is to be hoped that it is the beginning of a new ora that, will bring greater joy to a troubled people. Australians have at least shown the ■world that they are able and willing to help themselves.