THE WAR LOAN.

Press, Volume LIV, Issue 16165, 20 March 1918, Page 6

THE WAR LOAN.

A CALL TO THE FREE. (TIIES3 ASSOCIATION" TELEGRAM.) WELLINGTON, March 19. Britain, with her Allies, is fighting for the liberty of mankind, that- you and those •who come after you may live as free people in a free world. Great Britain crushed —what of New Zealand? Help the Motherland! How? By lending your savings to the Stat.'■ to provide "men, munitions, ships, and foodstuffs. Do you realise what vast treasures Great Britain lias poured out in this n-igantic struggle ? She has spent over £o.0:X).Uu0,G00: slio is spending £7,000.000 a day. In the greatest battle of all time, which we ate io!d is to be waged this year on the Western front, the British Army will lire away £1.000,01)0.000 worth of shells. Immediately behind our millions of lighting men are great armies of doctors, nurses, hospital attendants, munition and food carriers, workers of all kinds. In Britain itself 13,000,000 people are toiling at the manufacture or the necessary shells and the guns, and the food and the thousand requirements of transport. The less we borrow from Britain the more money she will have io pay these sturdy toilers for a world's peace. Be a true New Zeahvnder. Subscribe yourself and get others to take War Bonds and Certilicates. 0

STATEMENT BY FINANCE MINISTER. ;rr.Ess association telegbam.) WELLINGTON, March 19. iSpeaking to-day at tho final public function in connexion with the Red Triangle appeal, Sir Joseph Ward said the purchase of War Loan certificates by tli3 public showed how large a sum might bo raised by small individual effort. War Loan certificates wero first offered to tho public in August, 1910. They were specially designed to meet tho requirements of those who, in tho ordinary sense, could not bo called investors, tho interest upon them being computed at 4J per cent, compounded, and payable at the end of tho tarm of five years, for which they wero originally issued. Up to the end of February last tho amount of cash received by the Post Office for the 6alo of War Loan certificates reached tho sum of no less than £2,'j00,340. Last- year a further innovation was made by issuing certificates with a ten years' currency. These were sold at 13s for every £1 faco value, and the interest was compute! at 4J per cent, compounded. At the end of ten yoars the public received £1 for every 13s paid in. For the five-year certificates the public received £1 for every 16s paid in. A special issue of Post Office war bonds was made in 1917. Sales were limited to £SCO for each holder, and interest was fixed at 5 per cent. This was to liieofc the requirements of those who, having a small amount of capital, could not afford to postpone the receipt of interest until the period of the loan expired, tho Post Office ivar bonds providing for tho payment of interest halfyearly. This scheme had proved a very great success, sales up to the end of February reaching the sum of £1,340,465. In dealing with the general loans, Sir Joseph Ward said tho position was as follows: — i • £ Total authority gr.anted by ' Parliament for raising of war loans ... ... 50,000,000 Total amount raised up to 2Sth February, 1918 ... 46,000,000 This amount had been raised as follows :— £ Borrowed in London ... 19,500,000 Borrowed in New Zealand... 26,500,000 Tho total war expenditure to February 28th, 1918, was £30,000,000. This included outstanding imprest accounts. In addition to this expenditure, there wero several months' contributions at the rate of £<350,000 per month in arrear to tho Imperial Government for the maintenance of our troops. The total amount borrowed since tho commencement of the "war for all services amounted to £52,000,000, of -which £i9,5(;0,000 was borrowed in England, and £32,500,000 was borrowed in NewZealand.

Sir Joseph Ward added that tl;e revenue for the eleven mouths showed an increase of £2,515,133, and the expenditure for the samo period an increase of £771,398. The net increase ,of revenue for tho eleven months was £1,741 { 740. He was glad to affirm that the position at the end of % the year would bo vory satisfactory, but he said that all tho increased revenue would bo required, and he was glad to repeat-.the assurance that he recently gave that there would be no increase in taxation; 6 DRAINAGE ROARI>TO CONTRIBUTE £5000. The Minister of Finance, in a circular letter recoived at last night's meeting of the ChristcEurch Drainage Board, appealed to the Board to make ''a personal appeal and canvass among your people to raise tho £9,500,000 now required. No source of wealth may remain untapped. ..All must help. With confidence I again ask your best assistance." The chairman (Mr W. Hill) said that on the occasioii of the previous appeal the Board contributed £oOCO from the earnings of its sinking; fund. He moved "That the Board's Sinking Fund Commissioners bo recommended to invest £'SCOO of the earnings of the fund in the-War Loan, the Board to temporarily finance any amount necessaiy to make up tho total." Mr S. A. Staples seconded the motion, which was agreed to.