A BIG LOCAL LOAN

Dominion, Volume 9, Issue 2843, 7 August 1916, Page 4

A BIG LOCAL LOAN

A local loan of eight millions may appear a rather ambitious project, but there is not tho least doubt that the decision the Government has arrived at on this question is the only one compatible with our duty. It is indeed nothing more than a recognition of tho obligation resting on us to assist in the successful prosecution of the war to the utmost of our resources. Up to the present our expenditure for war purposes has been financed by tho Mother Country. She not only provided the enormous sums necessary for tho training and equipment of the great new armies she has put in the field, together with all.tho accessories of modern warfare, but she has also raised largo loans to strengthen the finances of her Allies and to assist tlie overseas Dominions. Tho unprecedented financial strain thus imposed on the wealth and resources of Great Britain has been fully met by the magnificent response of tho financial institutions, business firms, companies, and individuals of' all classes to every call made. The whole world has been amazed at the staggering figures which represent Great Britain's financial contribution to tho war, and the manner in which her people have como forward and subscribed to the huge loans which it was necessary to float in order to carry on. New Zealand, up to the present, has done nothing to lighten the. financial war burden of tho Motherland in the matter of providing loan money to meet the cost of the war. Compared with the immense sums required such contribution as wo can mako is small enough, but we can at least assist to such extent as lies within our power. The eight million, loan which Sir Joseph Ward tolls us it is tho intention of tho Government to raise in New Zealand will bo our first effort of this nature. Tho money is required to enable us to carry 'on the training, equipment, transport, and upkeep of our own forces. Ifc is a stiaight-out War Loan, and a'solemn obligation rests on all who are in a position to do so to assist in tho struggle by subscribing to it. The money is available in the Dominion; there should be po difficulty on that account, and it remains' for the different financial institutions and for the public to make tho loan tho success it should be. Wo know how splendidly Australia responded to the call for a war loan, .and New Zealand, we feel confident, will not lag behind.