MILLIONS OF NEW MONEY

Dominion, Volume 10, Issue 3009, 21 February 1917, Page 5

MILLIONS OF NEW MONEY

RESULT OF THE GREAT "VICTORY* "'

WAR LOAN

(Rsc. February 20, 6.30 p.m.), '' "i London, February 19." Mr. Bonar Law, in the 'House' of Commons, said that, the amount of new money produced by the Victory War Loan was at least seven hundred mil-'. lions, without the banks' contributions. —Aus.-N.Z. Cable Assn.

, Mr.- Bouar Law added that the number of Loan applications received on Friday was so largo that although tbo officials wero working night and day tlioy were unable to deal with them. Between two' and three hundred thousand hadcomo iu. and money was still pouring in from all parts of the country. It would be impossible to givo detailed ;, figures until next week. "I am able to say that the Loan succeeded to greater extent than it was hoped or expected." Ho did not wish to encourago exaggeration, which would create a danger of tho country's amazing financial effort being minimised. "When I> met. the financial banking representatives I told , < them that I considered that six hundred millions of new money would be ~ necessary to ensure the success, of the loan.bnt I doubted the possibility of reaching that figure. I am glad to announce that without further direct contributions from' tho banks, which was not desirable, the figure has' actually been exceeded by one i himdred millions," "'""j. Tho 4} per cent. War Loan will not be quoted officially in future, but will ' nominally be about £90. '■>•