LIBERTY LOAN

Wanganui Chronicle, Volume 86, Issue 60, 12 March 1942, Page 5

LIBERTY LOAN

AUSTRALIAN SUCCESS ALL FOR WAR PURPOSES. Canberra, March 11. The Australian Commonwealth Liberty Loan of £35,000,000, which closed on March 10, has been heavily over-subscribed, the amount in excess of the £35,000.000 required being estimated at £11,000,000. The Government proposes to accept all applications and use them for war purposes. . When referring to the over-subscrip-tion, the Federal Treasurer (Mr. Chifley) said that the applications aggregated nearly 200.000. This was a striking testimony to the people’s preparedness for sacrifice and their selfreliance in the crisis. He added that he hoped he could regard it as a. good augury for the next loan, which would be floated within a few months. Mr. J. Curtin announced that the Government will accept the whole ol the amount offered in the Liberty Loan and apply it for war purposes. The over-subscription of £11,000.000 is a record result for any loan issued by the Commonwealth.' The loan was open for half the time of the most successful loan of the last war and the amount over-subscribed was almost three times as great. This £35,000,000 loan is the second war loan for the current Australian financial year. The loan in review was available to subscribers in two issues, the short-dated portion bearing interest at 21 per cent, per annum, maturing 1945-46, and the long-dated portion bearing interest at 31 per cent, per annum, maturing 1950-58. The previous Commonwealth loan was a cash and conversion issue of £lOO,000.000, and the terms were five years at per cent, and 16 years at 31 per cent., the issue price being at par, as have been all the Commonwealth loans issued internally since June, 1939. O the £100.000.000 above referred to £30.000,000 was for war effort and £70,000,000 for conversion.