THE WAR LOAN

Dominion, Volume 9, Issue 2856, 22 August 1916, Page 6

THE WAR LOAN

SUCCESSFUL FLOTATION NINE MILLIONS AND A QUARTER SUBSCRIBED WHERE THE MONEY CAME FROM STATEMENT BY FINANCE MINISTER The Finance Minister (Sir Joseph Ward) stated last night that tho sub' scriptions to the War Loan amounted In round figures to £9,250,000. Following were tho chief classes of subscriptions: — Applications for War Bonds through the Post Office, £1,227,200. Sale of War Loan Certificates through the Post Office, £357,148. Private applications through banks, £1,600,050. Applications dircct through the Treasury, £663,000. Applications by banks themselves, £4,000,000. (Of this.amount tho Bank of New Zealand subscribes £2,000,000, and the other banks amongst them provide the other £200,000,000.) Sundrv other applications, £1,516,000. Opportunity still Open. Sir Joseph Ward announced that although tho date fixed for receiving applications had passed; intending applicants who 'forwarded their requests beforo September 1 would be allowed to obtain stock in tho loan. He hoped in this way to receive at least £200,000 or £300,000 more. And the War Loan Certificates from £1 to £50 would remain on offer for some weeks still. "Eminently Satisfactory." "It is hardly necessary for me to say that tho result is eminently satisfactory," said Sir Joseph Ward. "It shows that those of small means, as wall as those of moderate and large means, have realised that it is their duty to help the country to finance the war. The investment is a good one, but the response shows that when the country appeals to tho people for tho sinews of war to help us to attain that victory to which wo all look forward—victory which I hope may be ours beforo many months pass by—the country docs not appeal in vain. The small Investor. "As already intimated the war loan certificates branch of tho loan will not be closed for some weeks to come. There are good reasons for this, it is an entirely now scheme. A different class of investors is brought into touch with the financing of tho country for the first time in its history, and a longer time must be given to these people who have never been investors to see the advantages, and, indeed, I may say, the necessity of joining in the loan. A longer time is needed for consideration on their part, and for ediicativo propaganda on the part of the Government. But tho certificates will not be offered for an indefinite period. I think that is not necessary. And in addition to that I look' forward to the_ timo when we shall get hack, again into our accustomed groove, to' tho timo when there will be no necessity for investments in a war loan. But, as I say, I think it is right that moro timo should be allowed to thoso who are brought into the financial field for the first time to enablo them to have a monetary interest in the war. The greater the number of our people, from tho humblest to the highest, who aro. directly heloing to carry on the war, the better it will bo for "tho conntry after tlw war is over, for the keener, and I hope, tho more pffective, will be tho interest taken by all classes of the community in the now order of things that must come. "I,have just received advice from tho. Secretary, of the PosE Office that tho certificates sold from the post office up to date are but a fraction of those that will yet be sold. In that opinion I agree. Will Keep the Whole Amount. 1 "Tho loan is over-subscribed, but -po shall retain the whole amount subscribed. Allotments will be made in full to all who apply. Although we set put to raise a loan of £8.000,000, tho authority of Parliament is for £16,000,000, and' the needs for war purposes are such that the amount over find I above that asked for can be readily Used during this year. There will b'o ho disappointed applicants! (This last sentenco with a smile.) "I conclude by saying that I go to belt to-night more contentedly than f have for tho last, week or two, and I think every well-wisher of the country will feel as I do about, the successful flotation of the loan." WAR LOAN CERTIFICATES EVERY DAYT'RECORD _ Every day establishes a new record in the • salo of war loan certificates, and last Saturday's returns exceeded those of the day beforo by as much as 30 per cent,, which is a very marked advance. To give one an idea as to how the war loan certificates are going (as apart altogether from war bonds), it is officially stated l that 5381 £J.O certificates and 3083 £1 certificates ,tvero taken iu tho principal centres of'tho Dominion oil Saturday. For tho convenience of peoplo employed during the day, the post offices were reopened from 7 p.m. to 8.30 p.m., a provision that justified itself in results. Up till .Saturday Wellington had maintained prido of place in the number of certificates sold daily, but Saturday's returns in, Christchurch cclipsed thoso of Wellington by a small amount. On Saturday Wellington people purchased 797 £10 certificates and 400 £1 certificates —a difference of only £295 in favour of tho southern city. As showing the wisdom of the decision to reopen on Saturday evening for an hour and a half for the sale of ccrtificates,' it may be stated that 206 £10 and 129 £1 certificates were sold. It is anticipated that a good l deal of Savings Bank money will be released for investment in certificates on and after September 1, by depositors who are careful enough to see that they are credited with the current month's interest on the amount _ lying to their credit. Several depositors have intimated to Savings Bank peoplo their intention to seek tho larger rate of interest, so big business is expected for the first week of September. Tho investing public is once moro advised that certificates may be purchased up to any amount. Many clubs and institutions who do not wish to tie their money up for a lengthy period are taking advantage of the altered conditions. BIG RUSH AT CHRISTCHURCH. By Telegraph—Press Association. Christchurch, August 21. The Post Offico officials 6tated tonight that they could not give any figures for publication, but thev indicated clearly that the business done both in war bonds and certificates had been extremely satisfactory. There was a big rush for certificates,- to-diy, tho Post Office Savings Bank boing crowdcd

throughout the day, people lining up i fivo and sis deep at tho counters without a break. Mr. J. O'Gorman, Government war loan officer, reports that tho loan has been well rcccivod by tho principal firms in Christchurch, most, of whom are making advances to their employees to enable them to participate in the loan. ANOTHER, £10,000 FROM WANGANUI PATRIOTIC SOCIETY. Wanganui, August 21. The Wanganui Patriotic Society today decided to invest a further £10,000 of its funds in tho war loan. This makes a total of £20,000 invested by the society. Public subscriptions to the loan are coming ill very well. In all probability nearly £100,000 has been subscribed. Exceptional activity at DUNEDIN. Dunedin, August 21. A scene of exceptional activity was witnessed at tho Post Office to-day, when subscribers to tho war loan thronged tho money office during practically the wholo business hours. PALMERSTON'S TOTAL TO DATE. Palmerston N., August 21. Bonds sold at the Post Office total to date £14,350, and certificates total £9812. GOOD BUSINESS AT HASTINGS. Hastings, August 21. War certificates to tho amount of £4000 wore sold by tho post offico staff at an open-air demonstration at tho railway crossing on Saturday night. At a meeting in the theatre on Friday night, £1175 was invested, and at the post office on Saturday business was so brisk that the staff 'had to replenish their stock of certificates from Napier. Telegrams wero received from Sir Joseph Ward congratulating the people of Hastings on tho liberal manner in which they were subscribing. PATRIOTIC WANGANUI. Wanganui, August 21. An open-air demonstration in lid of tho War Loan on Saturday resulted in £5488 being invested, including 3088 certificates. PEDIGREE STOCK ASSOCIATIONS INVESTING. Feilding, August 21. Tho Romncy Marsh Sheep Breeders' Association and the Hereford Cattle Breeders' Association are investing the whole of their surplus funds in the War Loan. La6fc evening the Wellington Industrial Association dccided to invest in war bonds tho sum of.£lloo, which is now invested with the Wellington Gas Company.