BACKING THE LOAN

Dominion, Volume 9, Issue 2857, 23 August 1916, Page 6

BACKING THE LOAN

LOCAL BODIES MEET SCHEME TO INTEREST COUNCIL OFFICERS A special meeting of the "Wellington City Council and the heads of other local bodies in tho vicinity of "Wellington was held in the Concert Chamber yesterday afternoon to forward • the Government's appeal in favour of tho war loan. Though it is already reported that 0}- millions of money have been subscribeed, it is obvious to all that the Government wish to raise as much of the. £16,000,000 authorised by Parliament as it is possible to raise at the present time. Henco the mooting hold yesterday afternoon. There were present:—Tho Mayor, Mr. J. P. Luke (chairman), Messrs. C. E. Daniell (chairman Wellington Harbour Board), F. Townsend (Mayor of Miramar), C. C. Crump (Mayor of Onslow), B. G. H. Burn (Mayor of Karori), R. Bould (Johnsonville Town Board), and City Councillors AY. H. P. Barber, G. Frost, L. M'Kenzie, R. A. Wright, W. Hildreth, A. E. Atkinson, and W. H. Bennett. The Mayor stated that ho had called tho meeting in order that he might identify the interests of the City Council and also the councils of' surrounding districts with tho movement now afoot to support tho National Government in its efforts to raise the war loan in Now Zealand. Speaking for himself, ho congratulated tho Government on its decision to raise the war loan in New Zealand, and so identify thoso peoplo who are able to subscribe to tho loan. There were many who, owing to the considerations of ago or infirmities, were not able to offer "their personal services, but who could offer their substance to a material end. They had passed a resolution offering m'en and money with which to win tho war at tho very outset, stating that noither in men nor substance would they fail to give until victory had been gained and an honourable peace secured. At the first anniversary of tho war those sentiments, had been endorsed, and after a second year of war a similar resolution had been passed. Tho matter of raising a big war loan had opened up wide differences of opinion. Some people thought'it was always preferable to go abroad for our loans rather than raise them in New Zealand, but in this case ho thought that it was their duty to give all the monetary supnort possible. Such action he believed would tend to strengthen the arms of our men in the field—they would know that we were raising in Now Zealand the money to keep them going, instead of getting it from_ some other country. They determined at tho outset of tho war to make sacrifices and give tho Government all the support possible, and he was sure that_ what they had done would be an object-lesson to the world at large. (Applause.) He had a resolution to move. It was as follows :— "That this meeting of the Wellington City Council and the ■ Mayors and Chairmen of Local Bodies in and adjacent to tho city places on record its high appreciation of the action of the National Government in announcing their intention to raise a war loan of £8,000,000 (being part of the £16,000,000 authorised by Parliament), within the Dominion, and congratulates them upon the remarkable success achieved, whereby the first/portion has been already over-subscribed to a sub- • stantial degree. The peoplo nf the Dominion, according to their financial capacity, have been there-

by enabled to aid Great Britain • and her Allies to carry on the war to a successful issue, thus assisting to secure an ultimate peace Honourable to tho bravo dead and wounded, who deemed no sacrifice too great, to ensure and maintain | freedom and justice to all people." I In moving the resolution, the Mayor said that to pass it would give effect, to the Government's desires, and would, he felt sure, reflect the minds of the citizens of Wellington. Councillor W. 11. P. Barber, in seconding tho motion, 6aid that those who subscribed to tho loan were only doing their duty, seeing that they were unable to take an active part' in the war. £8000 from ths Sinking Fund Commissioners. At this stage the Mayor announced that, tho Sinking Fund Commissioners of the Wellington City Council had decided to invest £8000 in tho War Loan. Mr. C. E. Daniell said be was pleased to congratulate the Government on the step it had taken in raising the money in Now Zealand. His only wonder was why it had not taken this stew a year ago. It was desirable in tho broad interests of the nation that a country should take up its own loans, for it meant a nolicy of self-reliance that would reflect on the character of tho nation. Through undertaking shipbuilding for all Hie countries of the world, Great Britain had become a great ship-building country, and through lending money to all the other nations it had become master of the financial position. The loan had heen issued under farourahje conditions, as New Zealand had ccrtainly reaped great monetary bpnefif. out of the war, and he thought it was very selfish of people who took all the money, without a thought to what had caused that, extra profit. Some there werr\ he know, who had benefited iinanciallv through the, war, and who were only concerned in looking for further financial benefit. He feared something of that kind was going on, and he hoped the Minister of Finance would by taxation be able to set at such people. The sacrifice of hlood which had heen made should make anything in the nature of financial benefit out of the war repulsive in the extreme. Mr. B. G. H. Burn said that Karon eould not hope to invest £ROOO, as the Citv Council had done, hut thev were oioing to invest some CI4OO in the loan. It would he a good investment for the borough aiuPwould help the cause of the Government. Ml'. F. Town send said that as far as Miramar was concerned, thev hoped that, their Sinking Fund Commissioners would invest the sum of £4000 within the next, dav or two. Mr. C. C. Crumrc approved the method of raising tho loan, •••■nd emphasised the fine manner in which the women had backed the men up right through the war. He did not believe that there was any country ill tho world where the wonipn had so nobly hacked up the men as they had in New Zealand. Mr. Bould said that on the first dav the loan onened £200 worth of certificates bad been sold at the .Tohnsonville Post Office. Councillor Geonre Frost said that Hie council as a body aniiroved of tho method of raising th" loan, and tho Fbianco Committee, whieb lied sat thai af tn niooii. had.agreed with it. 'Die motion was then put and carried unanimously. Encouraging Thrift. The Mayor then said that there was another resolution, which, though it directly concerned the Citv Council, was of interest to the other bodies, and he hoped their representatives would stay. The resolution was as follows: — "That in order to enable every omplovee of tho Wellington City Council to participate in the War Loan, this council will he prepared to purchaso War Certificates to the extent required, and advance the same to their employees free of interest, the amounts to be repaid to the council by instalmc+s of Bd. per 16s. share per week. Time of repayment 24 weeks." In speaking to the resolution, the Mayor said that this idea ivas to assist employees to take up certificates out of their savings, whilst it did not put upon them any obligation to disturb tho finances. of their homes. It had been approved by the Finance Committee that afternoon, and ho now submitted it to the council for its formal endorsement. The council, by doing this, were prepared to stand as their employees' bankers. He was sure they wero taking a step that every citizen of Wellington would applaud. Mr. G. Frost seconded the resolution, which was carried unanimously. ADVANCES FROM BOROUGH FUNDS AUTHORISED. By Telegraph—Press Association. Chrlstch'urch, August 22. The question was raised at a meeting in Lyttelton on Saturday in connection with the war loan, whether municipalities had a legal right to purchase out of borough funds loan certificates for their employees. Mr. L. A. Stringer, the town clerk, sent a telegram to tho Minister of Finance, asking whether the Government would authorise local bodies to advance cash against instalments from wages to assist their employees to buy certificates. Tho Minister replied: "Yes; will authorise, and if necessary indemnify by Act next session." . A.M.P. SUBSCRIBES £250,000. The Australian Mutual Provident Society has subscribed one quarter of a million (£250,000) to tho war loan. SOUTHLAND CONTRIBUTIONS. By Telegraph—Press Association. Invercarglll, August 22. The amount subscribed towards the War Loan in Southland through ' ths Postal Department was —Bonds, £77,050: certificates, £30,380; or a total of £107,430. NAPIER INVESTMENTS. * Napier. August 22. In connection with the war loan, in Napier .city £17,250 was invested (which includes some larger amounts put through the banks). In tho Napier district, which extends to near Woodviile, 18,720 certificates, valued at £30,350, wero handled. The total investments made in _ the post offices throughout the district amounted to £50,000. The figures representing the business done by tho banks are unavailable.