THE BONDHOLDERS

Wanganui Chronicle, Volume 79, Issue 180, 31 July 1936, Page 3

THE BONDHOLDERS

It is astonishing how so many speakers and correspondents to the 7 Press speak of the “money lenders" -] or bondholders under our loans, as if they were all big capitalists. As a 7 matter of fact the majority of money , lenders are directly or indirectly investors of small savings. In Britain over £2,600,000,000 are invested m t public loans by small investors—an . average of £125 a head. Of this no 3 less than. £1,500.000,000 came from trustees for widows, etc., trades 5 unions, Friendly Societies and Savings • Banks. Again, where banks or insur--1 ances, loan companies take up parcels, ' they do so on behalf of their shareholders —and the average holding of t shares in these concerns is low. There •_ are no doubt a few big holders of shares, but. the average is much lower than generally recognised—e.g., in the i three biggest banks in London the I average was £230 last year. Mr. (now Lord) Snowden, when t Chancellor of the Exchequer, called - attention to the fact that the few ? wealthy capitalists who used to provide loans are now replaced by a i “Vast army of small investors.” t Again, one of his colleagues in the t Labour Government told his follow- ? ers that from 3 to 4 million trade unionists were interested in the sanc- - tity of loans. 1 The general public is far more ini, terested in loans, and dependent upon s the interest paid, than is generally recognised; it is a delusion to visualise r our bondholders as big capitalists. (Contribtued by the N.Z. Welfare League).