LIBERTY LOAN

Press, Volume LXXIX, Issue 23969, 9 June 1943, Page 2

LIBERTY LOAN

Drive Inaugurated In Christchurch

SUCCESSFUL FIRST DAY Fijian naval ratings who contributed to the concert programme which assisted in launching the Third Liberty Loan campaign in Christchurch yesterday offered to give another item provided that £IOOO was contributed to the appeal. The challenge was immediately accepted by an investor who desired to remain anonymous. A similar offer on. behalf of the combined pipe band of the New Zealand Royal Air Force brought another £IOOO from the Friedlander family. When inaugurating the drive for the £35.000.000 loan the Mayor of Christchurch (Mr E. H. Andrews), who was supported by naval, military, and Air Force officers, declared: "There are no politics in this. We are all in the war, and the war cannot be won without money.” The Mayor said that New Zealand, ers had once been startled by Sir Julius Vogel when he - £5 000,000 for public works. Hv-'tt o y we ask for a much greater sum,’ J he said, "but I am confident that the country can do it, and there is no need for alarm. The money is in this country. It is as dangerous in my opinion to have money idle as it ii to have an unproductive people.” A substantial proportion for the new loan, added the Mayor, must come from wage-earners. It was essential that the money should be raised within New Zealand, and that the interest should be kept in circulation. "Do not waste your money.” was his advice. “Do not buy the things that you do not absolutely require. Concentrate upon essentials. Exercise economy and invest in the loan. It , is not only a patriotic duty, but an excellent investment. You may need the money in the years to come after the war.”

“We are not only after the. big fellow,” declared the Mayor. “We want the small investor to help as well. No amount is too small. Sacrifice and sacrifice again. Your sacrifice will be nothing to that of the Motherland, or of the peoples of. the occupied countries."

Less than three years had passed since the Battle of Britain, said Mr W. H. E. Flint, chairman of the war loans committee. But it had also been the Battle of New Zealand. “If we had lost, the possibility is that' we would have had a Japanese - general In charge here,” he added; “and wl would not have been calmly dismissing the raising of another war loan. The Battle of Britain

“There is no doubt that for , the heroism displayed in the Battle .of Britain a debt exists which we tin ■never repay,” said Mr Flint. “But It least by contributing to such", a loan as this we can recognise our indebtedness." Christchurch should set an example to the rest of New Zealand by finding its quota in three wdeks, not five. "As the Mayor has said, we have the money in this country,” declared the speaker. "Let us curtail bur own expenditure and put out money in the loan. I believe that many housewives could participate In .this loan in a modest way.” , Mr Flint mentioned that the-trad-ing banks had extended their houra until 4 p.m. for the convenience of investors. ' '■. The chairman of the National Savings Committee, Mr J. L. Hay, declared that an encouraging sign wai the investment of £ 25,000 of the people's money from the M.E.D. In the war loan. “We are delighted to have such big sums,” he continued, “but we wi,ll never succeed unless-the peopls put in their fivers and tenners, After all, it is' a privilege tff br able to invest at a time like this.” After the Mayor had concluded hi) speech a number of pigeons were released. The birds circled over the Cathedral, and then flew off below the formations of Royal New Zealand Air Force aeroplanes that were parsing overhead. A specially erected post office in the Square did good, business during the afternoon, and from the services assisted in effecting sale* of bonds among the large crowd present. •’ More than £31.000 had been invested through the hut in the Squiri when business was closed yesterday \ CONTROL OF AVAL? SPENDING STATEMENT BY MR HAMILTON (P.A.) WELLINGTON, June | As Minister in Charge of War Ex* penditure, the Hon. A. - Hamilton, * member of the War Cabinet, naturally devoted some attention in a statement to-night on the Liberty Loan to the aspect of control oyer war expenses* Most peopls when appealed to tor money, he said, would ask two questions: (l) what is the money needed for; and (2) is the expenditure subject to reasonable supervision, find checks 7 * Mr Hamilton suggested that pebpl* did not mind providing money urgently required for the war if they COUld'Be assured that no unnecessary extrivl* gant expenditure took place. . JjJ* some months,” he continued. ‘T been associated with those whole duty it is to see that suggested war expenditure is justified, that the"system of - doing work and spending money « reasonably safeguarded. I am not going to say that no extravagance or wilt* has occurred, particularly In the early stages when the organisation WBS njjl so complete as to-day, ahd when, im* mediate action was the prime COBsideration; but I do say that reason* ably effective safeguards are now ill operation.” Mr Hamilton explained that all pro* posals Involving financial commitment* were reported on by the Treasury* then submitted for the War Cabinet S f"” view. Then, after the expenditure had been made, another Treasury review look place to ensure that the .term* of the War Cabinet’s approval had been adhered to, that the prices were right and the necessary accounting and stores records properly completed, Finally* there was the Auditor-General's ro‘ view, and his custom of reporting annually direct to Parliament Shy special features to which he wished M draw attention. Mr Hamilton urged the duty of using idle money for war finance, and w those who had no. idle money declared that it was their duty to draw 6B their credit to make a reasonable Contribution. “Let us remember bur go9d fortune with gratitude.” said ,Mr Hamilton, “and contribute our mix!* mum amount to the Liberty Loan. MEETING IN ELTHAM fP.A.) ELTHAM. June 8. At a meeting of businessmen to open the liberty loan c? npaign in Elthattl to-day. Mr C. A, Wilkinson. M-P-. headed the list with a subscription of £SOOO. Other substantial amounts were promised, A sub-committee was formed to push the campaign to a successful issue.