£6,000,000 WANTED

Auckland Star, Volume LXXIII, Issue 124, 28 May 1942, Page 8

£6,000,000 WANTED

FOR LIBERTY LOAN

IN FIVE-DAY FINAL SPRINT

A very large sum uf money has to be raised and raised quickly and for certain to maintain and develop Now Zealand's war effort. That is why so large a sum as 115,000,000 must tie raised by the Liberty Loan, which closes on Tuesday next. Explaining the need for raising the loan and for all to assist In raising it, Mr. K. C. Fussell, deputy-governor of the Reserve Hank, in the course of an interview to-day, said that the whole amount of the cost of the war could not be raised by taxation, since there are limits to what incomes can bear, nor can all be raised by loans, so that in financing the current year's operations it has been found necessary to utilise all sources to the full.

"The whole war machine is run on a basis of payment for service—and not one of us would have it otherwise," Mr. Kussell said. "Everything that stands between every man, woman, and child here in New Zealand—and the enemies outside who are straining to the utmost to pound and smash their way through to us, has to be bought and paid for. The Liberty Loan is specially designed lor three types of subscriptions—big ones, medium ones and small ones. There is no need for me to tell you that with the goal £0,000,000 away, a lot more of all three types of subscribers rre needed. Brokers, banks, post olfices and district Treasury ollices are holding themseives in readiness to assist.

Paying For Protection "It may seem that a few pounds— or a few hundred even—are only a drop in the bucket and not worth subscribing. But I want all to know, beyond all doubt, that it is those drops which spell success. There simply are not enough people in this country with really large amounts to invest to till the bucket without the help of others. The whole idea of the loan is to pay for your own protection. If it means cutting down expenditure on things that can somehow or other be done without, we grit our teeth and face it. If ii means investing the cash set aside for a rainy day—well the rainy day is here now. Some may not have any margin of cash at the moment—but could raise it in the next few months. Arrangements have been made to meet just such a case. Whether the investor is a bank customer or not—any of the banks will lend up to 90 per cent of the amount any purchaser is prepared to invest in the Liberty Loan—and to give six months in which to pay it off.

To every New Zealander I strongly commend Liberty one pound bonds. They are meant specially for people who cannot possibly buy as much as £10 worth of the Liberty Loan. But even those who subscribe to the loan should try to buy some bonds, too.

Bonds Are Saleable

t u Ever v, P° un cl that is spent for Liberty Bonds becomes a part of the £15,000,000 Liberty Loan and helps towards its success. Even a .£1 subscription is not to be despised. Think of £1 in terms of the hand grenades or the rifle and ammunition it can pay for, and the investor will get his pound back with four shillings added. Or if he needs the money before maturity he can sell the bonds.

"It has been an absorbing occupation to watch the progress of the loan, said Mr. Kussell. "At the start there was £15,000,000 to get—and a month in which to get it. That works out at about £500,000 a day But now we find that we have only five more days to go. for the loan closes on Tuesday next—and six more millions to get."