LENDING FOR THE WAR

Auckland Star, Volume LXXIII, Issue 123, 27 May 1942, Page 6

LENDING FOR THE WAR

IN a little over two years of war the "little man" in Britain, th« man * who Is not normally an investor in war loans or anything else, lent to the State no less a sum than £1,115,306,106. That la a tremendous contribution to victory from "little savers" who had to deny themselves life-long forms of Indulgence to help the State in its hour of need. Proportionately to population it is Infinitely greater than the small saver In New Zealand has done, yet wages here are on the average higher than in Britain, and our need to-day is Just as great. Australia, too, inn point with pride to her total number of war loan investors, which In proportion to population puts New Zealand badly in the shade. Our Government is now appealing for a loan of £15,000,000, and it has passed the half-way mark, but this response cannot be accepted as satisfactory. So far there have heen less than seven thousand contributors to the loans, Including all the companies, large and small, which have strained their resources to make their applications upon the highest possible level. The wage-earner, on the other hand, has so far made practically no response. A few moments' reflection upon the implications of defeat should be sufficient to bring home to everybody the fact that national help Is self-help, that without the assistance of every individual, either in the field or on the no less Important economic front, victory will not bo deserved and cannot be hoped for. Every possible facility has been offered to the small saver, who can no longer afford to take refuge in the selfish attitude that if he does not help somebody else will. He can buy loan stock up to any total in multiples of £10 or bonds at £1 each. Many employers are assisting their staffs to Invest, and there is practically nobody in the Dominion outside the fighting forces who cannot by some measure of sacrifice, help to provide the immense funds necessary to keep the Dominion on a sound financial basis while it is fighting for Its very life. Contributions to the loan will have a fourfold effect they will help the war effort, they will reduce inflation by reducing competition for the 3mall quantity of consumer goods available they will provide every Investor with a reserve of capital which will be of the greatest assistance when peace opens up a pathway to renewed prosperity and they will Immediately earn interest at the full market rate.