COMPULSORY WAR LOANS

Waikato Times, Volume 89, Issue 13886, 11 October 1918, Page 3

COMPULSORY WAR LOANS

PROPOSALS IN AUSTRALIA. (United Press Association.) MELBOURNE, October 10. In the House of Representatives, Hon. \\. A. Watt, Federal Treasurer, in moving the second rending of the Compulsory War Loan Bill, said the measure fixes the amount which may be eompulsorily raised at six times the average of the subscriber's income tax during the past three years. No account will !;e taken of subscriptions to previous loans, but compulsion will not be used in respect of more thmi one loan in any one ycjir. The Bill will only be enforced in the event of the loan not l>cing fully subscribed, and then only to the amount of the deficit. Explaining the reasons for introducing the Bill Mr Watt said we could not lean further on the British Government as they had already since the war commenced loaned us £47,i>oo,fK)o, besides paying £54,345,000 for the maintenance of troops at the front, of which we had repaid only £1(5,000,000. Soldiers and persons receiving less than £250 yearly will l>e exempted. The debate was adjourned.