FOR WAR LOAN

Waikato Times, Volume 129, Issue 21513, 30 August 1941, Page 6

FOR WAR LOAN

INVESTING £IOO,OOO PATRIOTIC BODY’S DECISION TWO CLASSES OF STOCK AUCKLAND, Saturday The Auckland Provincial Patriotic Council last night rejected a decision of its standing committee to invest £IOO,OOO of patriotic funds in the Auckland City Council’s waterworks loan, for 30 years at 3i per cent. The council decided by 15 votes to 13 to invest that sum in the Government’s £10,000,000 War Loan, £50,000 of it to be placed in the five years 2£ per cent issue and the remaining £50,000 in the 13 years 3 per cent stock. The chairman, Mr J. A. C. Allum, Mayor of Auckland, who moved approval of the standing committee’s decision, said his own proposal at the standing committee’s meeting was that £IOO,OOO should be invested in the new War Loan at 3 per cent, but when he was informed that the City Council would have available a loan of £125,000 at 3$ per cent he at once agreed that the money should be invested in this as a more advantageous loan. Double Satisfaction The deputy-chairman, Mr I. J. Golds tine, moved an amendment to request the standing committee to cancel arrangements made and subscribe the sum tb the Government’s War Loan for the 13-year period. Mr Goldstine argued that the War Loan was the more advantageous and would also give subscribers the double satisfaction of knowing that their money was being used to help the service men and women and also to promote the country’s war effort. During a debate lasting for about two and a-half hours, it was clear that many of the country zone repre- ‘ sentatives, including the Waikato, Rotorua, Western Bay of Plenty, Thames and the Maori race, held that the money had not been raised for the purpose of investing. They preferred it to be held in liquid form, but if it had to be invested a short term should be chosen.

When Mr Calder Mackay suggested that £50,000 placed in the short-term War Loan and £50,000 in the longerterm loan would meet the position for both sections, Mr Goldstine offered to withdraw his amendment v in favour of this suggestion. However, the original amendment was first voted "upon. It was lost, and Mr Mackay’s amendment was carried on a division by 15 votes to 13. WAIKATO RACING CLUB £IOOO TO BE INVESTED A decision to invest £IOOO in the New Zealand War Loan of £10,000,000 was reached by a unanimous vote at the annual meeting of the Waikato Racing Club today. The investment will be in the five-year 2£ per cent class of stock. TOWN BOARD SUBSCRIBES £IOOO (Special to Timesi PUTARURU, Friday The Putaruru Town Board at a special meeting last night decided to apply for allotment of £IOOO of War Loan.