BRITISH MONEY POWER

Dominion, Volume 10, Issue 3017, 2 March 1917, Page 6

BRITISH MONEY POWER

ANOTHER LOCAL WAR LOAN

STATEMENT BY THE ACTING MINISTER OF FINANCE

Some observations on the success of tho British "Victory War Loan" wero offered by the Hon. Arthur M. Myers, Acting-Minister of Finance, in conversation with a Dominion reporter yesterday.

"It is a matter for supreme satisfaction," said Mr. Myers, "that iii the third year of this great war the patriotism of the people of the whole Empire is such that, no matter to which part of it one turns, the experience has been that on the State calling upon its citizens for further efforts towards the winning of the war (whether it has been in the direction of providing the three essentials for victory—men, money, and munitions—or whether it has been for the raising of relief and other patriotic funds), in no instance has the appeal been made in vain. As a matter of fact, in each case expectations have been wholly surpassed. The rooord figure at which the total of the present British loan stands is only another exemplification of the readiness of the cJteens of the Empire to unite in concentrated effort towards ensuring the victory of our arms in the field.

"Mr. Bonar Law stated that he would require six hundred millions to bo raised by the 'Victory Loan, , " said Mr. Myers, "and the people have given him over a thousand millions. On a smaller scale, the Governments of Canada, Australia, and New Zealatd have each in turn experienced the same magnificent spirit, inasmuch as in each Dominion internal war loans have been raised and over-subscribed.

"In this war, where victory will incline to those nations which can best prove their ability to bear the incessant drain of man-power, financial resources, and energy of every kind, it is a sure augury of coming victoTy to have so unmistakable a proof as,the result of the British loan affords of the power of tho British Empire to sustain the -unparalleled burden that rests upon it. Mr. Lloyd George has told us many times that it is the silver bullet that will win this war. Britain is again demonstrating to tho world her ability to continue to mould such bullets in practically unlimited quantities.

"Ono point that drew my attention," commented Mr. Myers, "was the fact thai there were no fewer than eight million applications for subscriptions to the British loan, which (deducting the men withdrawn for active service) is equivalent in 20 per cpnt. of the population having placed their current available resources at the disposal of the State. This is all the more tcmarlcable when one remembers that tho numbers. -of subscribers to the last Germa". loan represented something under 6 per cent, if the population. It is also very gratifying to note +liat considerably more th»n nineteen million nounds were subscribed direct, to the lonn through the nwliiim of war savings certificates. Tho pmall investor at Homo ha*' cprWnly nlavod bis ivn-t well in -tlm direction of sivine financial sunnort to. the Government's war nolic", he liPvinc "rovided vn Pss f.ban one. hundred million round* for this nurnose, to the mid of October lnrf. This is a SDlei'did word, and speaks ■nlfli'nly is to the ready response with which the onpoal f o 'fi-M-e and lend' Iw been met at Homo."

T'i replv to a nitPsMon as +i Wo tv>ssihilitv of a. =<wid %nn hoinnflouted N«w Zeal-'nl Vr. >.- : d t.W. .•m'-Wit.v -would eert-ainly lv» nsV"'l for that pnmnw ov the moetine of Parliament. "Tt. is, of course, an obvious ro.snonsibilßv of tho Govor' , - nipiit." said Mr. Mver<;. "to rnip" suffinient f>l mis for the financinp: "F omshare of war costs, which, as is ■"■ell known, now ar>n'-oxiV"to pvp inil!""i pound?- ner vnnth. Tim <wnt-ry, <lesnito tli<! withdrawal for militarv nu' , - dosps of so many of our best men. is in an'unexampled state of rirosperitv, and I venture to say that tho peonle of tho Dominion are only awaiting fhp opportunity of further nrovinc; their readiness to meot" all dei»an'ls made upon them in support of the TCninire's war against militarism and 'frightfnlness.' Such opportunity will ljo afforded when the time conies for the Government to ask for subscriptions to the second New Zealand war loan."

Mr. Myers drew attention to_ tho fact that probably no other country in the world could have successfully ■undertaken the financing not only of its own share of tho present conflict, but also a largo proportion of the share of its Allies, without resort to some kind of forced loan. In fact, a compulsory loan bad been foreshadowed in certain authoritative ouarters. Thanks, liowever, alike to Britain's great resources and to the patriotism and common sense of the' people, the voluntary svsteirl had served so far, and would doubtless serve to the end, provided that the financial needs of the situation were clearly recognised by each citizen.

"In the meantime," concluded Mr. Myers, "I ran only repeat what I liavo statpd previously—that tlio plain dut.v of every loyal uoncombataiifc ah the present time is to do his 'bit' liv working to the fullest extent of bis power, in order that our nroduction may not, nnlv be maintained, but increased, and by nractising a reasonable measure of thrift and economy. Our economic stability • after tlio war deponds very much on the attitude taken up at the nresent time bv those who are responsible for tho daily output of the nation in every department of industry. I would like to noinfc out- thai in my opinion the cultivation of the hnhit'of saving nizainst the contingency of hard tim«s thifc iim.v eomo after the war. mid-also of lending eucli savines to the State, are matters to which tbe tlioufifhts «f the whole community should be directed nfc the nresenttime. I trust that tlio lead pivon liV" tho eninll investor .it Forae will import jurt that impetus to *h'e nrnetiee of snifjl economies, as well as oies, i'i thn individual nertnnal life of eneh citizen of tl"> Dominion that will contribute so lnrgelv f n the successful solution of ill" nroblems. fini">"ial and economic. tlTat eo"front us. These re-niP'-ks a nnlv eaua'lv to the (rreat fnificial and oih«v institution. , : of the countrv. which no doubt a-t the mon">nX are fulfilling thoM- dutv by sicnumulntina; resources and reserves with a- view to" making substantial contributions to the next New Zealand war loan."