The Waikato Times. With which is incorporated The Waikato Argus. THURSDAY, SEPTEMBER 18, 1919. THE VICTORY LOAN

Waikato Times, Volume 91, Issue 14167, 18 September 1919, Page 4

The Waikato Times. With which is incorporated The Waikato Argus. THURSDAY, SEPTEMBER 18, 1919. THE VICTORY LOAN

The time for closing the Victory Loan of £10,000,000 has been fixed for Thursday next, September 25, Reports from various parts of the Dominion indicate that the applications are coming in fairly freely and hopes are expressed that as the result of the final rush the loan will be fully subscribed. On the surface of things there does not appear to be much enthusiasm imparted into the project. And, while that is not conclusive proof that the people are not rising to the occasion, a little more “hum" would certainly not be amiss. In other lands the Governments have indulged in a considerable amount of spectacular- propaganda, for the ’purpose of impressing,the public, and this is calculated to have a good effect in bringing home to the average citizen the claims the State undoubtedly has upon his substance and resources, a claim many are prone to ignore. They are quite convinced that the “other fellow” should assist, even to the extent of self-denial and sacrifice, hut they decline to recognise their own personal responsibility. They will he foolish if they continue to do so, for that course may end in their own undoing. The loan has to be raised, and the compulsory clauses of the Act provide the machinery to secure the amount required, but if the money has to be commandeered, those from whom vt is taken will receive- much odium, little interest, and no sympathy. There are many who have subscribed to the previous loans up to their limit; there are others who refrained for the sordid reason that they believed they could invest their cash to better advantage. It is unfair to the former that the latter should escape, and for that reason we hope that the Finance Minister will cause the lists of Victory Loan investors to be carefully compared with those setting forth the payers of Land Tax and Income Tax, and take steps lo ensure that every name which appears on the latter shall also appear on the former. At the same time we trust that it will npt be necessary to apply the compulsory clauses, for it would not be creditable to the people of the Dominion. There is ample money available, and it should certainly be placed at the service of the Government upon the terms set forth. It is possible that more lucrative investments could be found, but in them there is a large element of risk, whereas in the Victory Loan the security is unimpeachable, the principal is safe, and the interest sure. It is a sound investment at a fair rate of interest, and it behoves every citizen to endeavour to participate to the full extent-of his or her ability. The State ' entered into solemn obligations 'to the men who were required to face the hardships and dangers of the battlefields, and those obligations must be honoured at all hazards, and it will not redound lo the credit of any. citizen if h’e has to be compelled to do his portion towards the redemption . For that reason it is to be fervently hopeci that when the time has expired for receiving applications the Finance Minister will be in a position to announce that the full £10,000,000 has been voluntarily subscribed. Should it tljen transpire that a section of the people have failed to respond to the appeal a “levy on slackers” to raise a fixed amount at a lower rate of interest would be an. innovation which would meet with widespread approval.