A SUCCESSFUL FLOTATION

Dominion, Volume 9, Issue 2613, 9 November 1915, Page 4

A SUCCESSFUL FLOTATION

Expectations have been realised in connection with the local flotation of the two million public works loan, the amount sought being oversubscribed. The exact figures arenot yet available, but it would seem that instead of the two millions required the public and various financial institutions have subscribed something like three millions and a half. Tliis is particularly noteworthy on account of the fact that there was a certain amount of prejudice against the loan on the ground that the money raised was to be used for public works, and not for war purposes. A war loan proper would have been extremely popular and it may be safely said that instead of three and a half millions being subscribed the amount in that case would have been nearer five millions. However, the fact remains that the Government and the Finance Minister can congratulate themselves on. what in the circumstances must be regarded as a must successful financial operation. We can only hope that iu the expenditure of tho money Ministers will be guided by a prudent regard for that economy which is for in all directions save those which bear on the successful conduct of the war. So far there has been no very marked evidence that the Government has been unduly impressed with the necessity for a careful husbanding C 4' its resources in the matter of public works expenditure, though, to C|uote a favourite phrase of our politicians,' there have been indications that "tho matter has noli been lost sight of."