LIBERTY LOAN

Wanganui Chronicle, Volume 86, Issue 118, 22 May 1942, Page 4

LIBERTY LOAN

HALF-WAY MARK PASSED APPEAL MADE TO SMALL SUBSCRIBERS [ ' (P.A.) Wellington, May 21. Mr. \V. L. Ward, acting-Governor ui ’ the Reser\ e Bank, in a statement r< - ’ garding the Liberty Loan, said that up to Wednesday night £7,600,000 nuti ; been received. That was very good, ho said, but the number of subscribers was caiy ‘ 3900. That meant the average subscription was about. £2OOO per applicant. There remained £7.500.000 to 1 be taken up. and it was to the manj thousands o. small subscribers that ■ he looked to provide the hulk of this amount. It might seem a pretty (all order. 1 but he wanted from the people ui New Zealand 20,000 to 30 000 subscrib- ' ers to this Liberty Loan. This should not be impossible because, looking at the financial re.urns, he found that lying in the trading banks on open and current account, there was some £61.000.00(1 and this, he added, was grow ing, and would continue to gro v. as the bulk of the loan would be spent in New Zealajvl and would ' ultimately circulate tnrough all channels of trade. In the Post Office Saxings Bank depositors held £69.000.00 ). whiie trustees savings banks had between them some £15,000,000 to £16.000.000. Thus there are some £146.000.000 lying in the hands ot people in the various hanks. Fifteen ‘ millions xvas not a very large ncr- . ccntage of that sum. In addition to the £146.000,000 there was in the j pockets of the people —and in some . pockets burning holes- a sum of . £20,000,000 in notes, portion of xvh’ih . surely should be available towanS . the Liberty Loan. Mr. Ward explained that in order to assist peopß with limited means ’ arrangements had been made with : trading banks whereby those banks i would advance to any applicants 90 . per cent, of the amount they xyished ■ to subscribe directly to the Liberty i Loan. If a person wished to subscribe £lOO he was required to pay £lO down and the tradings bank xvould find the balance. He would Le . charged interest calculated on a day- , to-day basis at the low rale of 3’ per eent. per annum. He would also have the right 1o repay the money on anv day, hut in order that advances migh’ , he repaid within a reasonable period the banks xvould require repayment at ■ the rate of 15 per cent, of the loan subscription each month, thus giving a maximum period of six months for repayment. At the end of that perio l the advance would be fully repaid an I the bond of Inscribed Stock xvould be handed to the person concerned by the hank. The Reserve Bank reports to-day I ha* Liberty Loan receipts now total £7.593,870, made up by 21 per cent. 1947 Stock. 1596 applications for £2.892,160 and 3 per cent. 1952-55 Stock, 2316 applications for £4,701.710. in all 3914 applications for a total of £7.593.870. Applications received during thy last fexx’ days include New Plymouth Savings Bank. £20,000; Golden Bax Cement Co.. £100.000; Auckland Elcr-tric-Power Board, £100.000; Smith and Caughey, Ltd., Auckland, £12,000; Dal gety and Co.. £25.000; New Zealand Loan and Mercantile Agency Co.. Lio., £2O 000; Murray. Roberts, and Co., £20.000; National Insurance Co., Dunedin, £20,000; A. S. Paterson and Co.. Ltd.. £20,000; State Fire and Accident Insurance Department. £25.000; Wellington Woollen Co., £lO 441; Campbell and Ehronfricd Co.. Ltd.. Auckland. £10,000; Union Trusts Society, £10,000; and R. and W. Hellaby, Ltd.,

MILITARY PARADE TO-DAY WANGANI I CAMPAUiN FEATURE “The military parade and display by marching teams is going to be th' feature of lhe Liberty Loan campaign in Wanganui, and it is hop d that lhe public’s response in lhe putchase of Liberty Bonds will be proportionately satisfactory,” said Mr. J. Gillick. district organiser, yesterday. Arrangements for the parade '.nd display, xxhich will lake place <his afternoon, were finalised last night al. a meeting of the Wanganui Nation' ! Savings Committee. Members weiw confident that lhe objective of £2009 in Liberty Bonds for the day’s activities would be attained, in order to “top” the Bomber Bonds figures. To avoid congestion at the Post Office every facility will be provided for the purchase of bonds from members of various marching teams, operatin' from Bren-gun carriers and special booths provided by seven business firms. The military parade and marching loam display will move from Taupo Quay at 2 n.m. and a special flight of bombers will fly over the city at 2.30 p.m. The Army authorities requested last night that. llv‘ Avenue be kept clear of traffic during the parade, and that no cars be narked along the route cf fhn