THE WAR LOAN

Dominion, Volume 9, Issue 2858, 24 August 1916, Page 6

THE WAR LOAN

HARBOUR BOARD'S SUPPORT TO INVEST £10,000 FACILITIES FOB EMPLOYEES TO INVEST. At the monthly meeting of tho Harbour Board held'last evening, Mr. \V. Hildroth raised the question of what the board intended to do in arranging facilities for its employees to' make investments in the war loan, i Tho chairman (Mr. C. E. Daniell) said the matter was set down for discussion in committee. He understood that there was an amount of £2000, invested now at 2 per cent., that might be diverted to the war loan if tho board thought fit to do so. They had received memorials from the men asking the board to get them certificates, and that they would be glad if any facilities wore arranged that would enable them to take them up on reasonable terms. Tho idea was that they should pay for the 16s certificates at the rate o'f 6d. a week. He thought it worth while, as it would be of practical use to the country, ami of real inter, est to the men.

Mr. IV FieUiher was under the impression • that it was illegal for local bodies to invest in the loan. Had not Sir Joseph Ward only-mentioned tho previous day that ho would legislate next session, legalising such investments? He thought that if therft was a special fund, or they could arrange one, it would bo one of the best things possible for tho board to invest in. He did not think it was any use making an investment for the em< ployees—that was quite a Utopian idea.

Mr. # Hildrctli stated that the Citj Council Lad approved of a schema whereby certificates would be taken up, and the employees who wished to invest in them could do so by paying Bd. per weok, clearing the amount in twenty-four weeks. Ho did not know why the board could not do tho same.

Mr. M. Coheu thought it would ba betlcr to make tho payment at f.lia rate of Is. per week.

Mr. M'Farlane approved the proposal. Ho thought that tho raising of this loan was o'ne of the finest ''things New Zealand had done, and was one of the finest advertisements for tbo Dominion, as it had shown tho world that they were prepared to find the men and money, too. He' supported Mr. Cohen in the suggestion that the certificates should bo paid for at the rat© of Is. per week. Mr. I". Cobbe thought that no employee should be permitted to take irp less than fire;, owiug to the amount of bookkeeping that, would be caused. Tho chairman said that the proposal was that.tho board invest £2000 in loan certificates, the snmo to b<s sold to employees at not less than Bd. per week per certificate. Mr. .It. A.' Wright seconded the motion. Mr. R. E. Sinclair moved as an amendment that the rate of payment be Is. per week. Mr. Fletcher said he would like some bigger amount invested on the board's own account. Mr. Cohen said there was surely some power to enable them to -use money from other funds to invest in the loan.

The chairman enumerated the funds of the-hoard, end how they were invested, stating that" they 'matured at different times, the first of them not until 1917.* He proposed to deal with Mr. Hildreth's suggestion first, and then go into tho other matter.

Mr. Sinclair wished to know what available funds the board had.

The secretary said they had £2000 for immediate investment.

The chairman said that' the total funds invested amounted to £57,000, a proportion on mortgages. Mr. Cohen wished to know if it were not possible to earmark certain of tho funds for investment in the loan as they matured. He proposed that ways and means be found to invest at least £5000 in the loan, the board to retain nil that the employees were not prepared to take up. Mr. F. G. Cobbe moved to make the amount £10,000—£2000 in certificates and £8000 in bonds. This was seconded by Mr. Nathan. The motion was altered acordiugly, and the board agreed \inanimously to the proposal, THE LOAN CERTIFICATES AVAILABLE TILL NOVEMBER OR DECEMBER. In reply to an inquiry as to how long the War Loan certificates from £1 to £50 would be obtainable from the Post Office by investors, Sir Joseph Ward stated last night that his idea was to keep this part of the loan open until tho end of November* or December This would give a full opportunity to all small investors throughout the' country who desired to purchase certificates to do so, and would cive ample time to the people of the Dominion to fully consider the advantages of the scheme. As any amount that was contributed this way for war expenditure could be readily used by tho country, there was no good Teason, so far as "ho could judge, for closing down upon applicants at ah earlier date. GOOD DAY'S BUSINESS. Though the sale of war bonds was to have ceased on Monday evening money is freely coming in. The sale of certificates was expected to fall off after August 21 (owing to tho original announcement that the loan would close on that date), but such was not tho case. The postal authorities record the fact that on Tuesday over £28,000 worth of certificates wero sold in the Dominion, and the demand_fov them appeared to bo increasing instead of diminishing. A big rush is expected next week from those pcoplo who are waiting to get the month's interest on their deposits in the Government Savings Bank before withdrawing them for investment in war loan certificates.

The Government' war loan lecturer (Mr. R. 0. O'Connor) reports that so far bis meetings in Government _ Departments and "m leading local business establishments have been most successful, tho greatest enthusiasm being manifested by all concerned.

Tho D.I.C. staff have subscribed no less a sum than £2209 towards the loan, tho firm iu most cases purchasing tho certificates, and accepting small w'dekly repayments frcq of interest from their employees. Messrs. Kirkcaldio and Stsfins and George and Kersley and other firms are following the same procedure.

NOT EASILY FORGABLE

THE WAR-LOAN CERTIFICATES.

Roferring to tho belief held by some very estimable citizens, who aro not desirous of seeing the nation defrauded, that war loan certificates could fairly easily bo forged, it has been pointed out by an authority that such is not tho case. Ho does not deny that it 1 would bo impossible to forgo a certificate any more than it would be to Jorge a bank-note, but in tho first case anyone with such intent would have to act in collusion with some special paper mill, as paper used for tho certificates is tlm same as used for postal notes, ainl bears tho same water-mark, and, having the paper, they would then have to undertake a delicate bit of work in

which the cleverest forgers might bo tripped. Undor these circumstances it is not fltbught that there need be any cause (or uneasiness on the scoro mentioned. There is none in the g.p.o. ) WANGANUI'S INVESTMENTS. By Telegraph—Press Association. Wanganu!, August 23; Wanganui investments in the war loan up to date amount „ to £105,000 through the banks and post office. ' TARANAKI RETURNS. New Plymouth, August 23. War bonds £o the value of £10,840 and certificates amounting to £4525 wore sold at the New Plymouth Post Office up to Monday. Other offices la the postal district, extending to Hawera, sold £23,000 worth of bonds and £76*0 worth of certificates. v. GISBORNE'S RESPONSE. Clsborne, August 23. The War Loa.n figures from tbo Post office are mot yet available. The local banks report that between £70,000 and £80,000 has been invested through them, these figures'including two sums of £10,000 eaxih. POST OFFICE SAVINGS BANK 9 ' EXCESS OF DEPOSITS TO JULY TOTAL £2,340,957. In au interview last night Sir Joseph Ward stated that the excess of deposits over withdrawals in the Post Office Savings Bank for the month of July was £372,760, and that the amount of excess for the corresponding month of last year was £210,520. The excess of deposits over withdrawals for the seven months January to July of this year was £2,340,957. . Dotailed figures are given below:—

Excess, « With- of Deposits, drawals. Deposits. Period. Jl £ July 1-15,1916 665,938 577,073 88,865 July 16-23,1916 269,981 224,300 43.6S1 July 2-131,1916 456,.580 218,366 238,214 1,392,499 1,019,789 ' 372,760, July 1-31,1915 1,177,770 967,250 210,520 January-July, • 1916 9,226,147 6,883,190 2,340,957