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THE WAR LOAN

CALL FOR INDIVIDUAL EFFORT FINANCE MINISTER MEETS BUSINESS MEN STOCK FOR DEATH DUTIES Sir Joseph W_ard, Minister of Finance, was the guest of the Commercial Travellers nnd Warehousemen's Association at an informal luncheon yesterday, aud subsequently he addressed the members regarding the Liberty War Loan. He appealed for assistance in raising the money required by tho Government, and mado an announcement regarding ibo portion of the loan stock set apart for the payment of death duties. The Minister said ho was aware he was speaking to a gathering of business men who understood the position ns well as ho did. He did not need lo stress tho importance of securing a satisfactory response to the appeal thnt the Government to making for funds for war purposes. Tho people' of New Zealand had Ven asked lo provide a very lnrgo snail of money, and their response was being watched far outside the Dominion. lour years earlier a suggestion thnt New Zealand invistor? should provide within a short period .C?.7.f100.(W0 for exwtidit.uro bv their own Government would have been regarded as viid nnd impossible. But the war had Hrnmht new necessities and the country hud risen to them. The Government had already r-iiml in New Zealand £2.000.000 for publicworks and £11.01X1.000 for THirpOf-e*. vn juldiUnn to n sum of about .f-10.000.0P0 mnde avail.iWe for war P^P^ tn ™' , ';» Hie Post Office Saving lh<™ Kwl That, mf.de a total of about >../.- n'nnnno -md IV Governingt was asking Tow for -ii, nMiiiniml SH«m.m. wtli » • ler.Viin.OOfl.ooo more to be provided within six or seven months. Great National Effort. "The appeal that is being made involve"?* national effort and great «• 11 be 'found The record the Dominion tut o™ «";'» ■ £»3'Ci,» fir"*; , -.r,£ % «• ™ x mmm woman in this country; to ffjt. «. much ~,„„„ ag Chev can. into the Avar .Loan. n snot Tniatter of paying a compliment to the National Government or any n embe- of the Government. The. .money is ■enuired to help save tho Dominion and , q c Empire. Tho Government needs money to pa T the soldiers, to buy imimtioift, to povide pensions for the widows and orphans, and to provide increased allowances for the wives and children ot the men who have still to go to the front. I know that some men will have o borrow money in order to invest i m his loan Thev will prove, by doing that, thai tliey realise the importance of tho appeal wo are making for thie colossal sum of money. Tho Government needs all the money that every investor can 6iupnly, whether it be a pound, or £100, or £500, or £5000. Tho investor is WpiM h«'" self, and his country, and tho childien who are to follow him. "Financial Shirkers." "There are people in this country who havo not done their share up to the present time. lam bound to say that. When tho Taxation Bill comes down in th(' near future you will find in it compulsory clauses, and you may hear some people saying that there ought not to be any compulsion to induco inou to do their duty in a financial sense. I hope that you will stand up for the proposals, which are intended not to forco drastically from everybody their full proportion of the war expenditure, but to. ensure that there shall be no financial shirkers in this country. This is not a time *or the discussion of political creeds and economic 'isms'. Wo should nil be oblivious to ordinary surroundings, and concentrate our attention on tho essential fact that the greatest war in history is in progress, that wo are iuvolved in it, that deeds of splendid valour are being performed by the men who are. fighting our battles at the front, that our freedom and our civilisation nre lit stake. AVe cannot afford to pauso for tho discussion of minor issues.

"There has been criticism of the terms of this loan. I can say confidently that Hie loan is being placed before the people on fair conditions. There has boeu complaint that a 'IV per cent, loan free ot income tax offered an unfair advantage to the large investor as against the small investor. To meet the ciipp «f the small investor I have provided for the issue of 5 per cent, bonds from .£IOO to .£SOO to people who do not pay incomo tax. These bonds will be liable to income lax. If wo had made the main loan eubject to incomo tax, then'the rato of interest would have required to be fixed at 6j per cent., in order to provide a reasonable net return for the large investor, , and I need not explain to business men what that would havo meant. The banks would havo had to raise deposit rates and overdraft rates, the Government would have been compelled to advance the rates of intorest payable by seltiers and workers, and the orioe ot' money would havo gone up all over the country. Thero is no man in this country, owning business premises and paying ordinary taxation, who will mako an unduo profit out of the loan stock. Still an Optimist. "I am accused of being an optimist. I would rather bo au optimist than a miserable, wretched, depraved pessimist —a poor fellow who fears that the end of the world is going to come every hour of the day, and who believes always that misfortune is right in front of him. Tho pessimist is a man who deserves sympathy. I believe in a. rational, reasonable, optimism. . Ninety-nine yer cent, of tho men and women arc gqoil in heart, and anxious to do the right thing, and it is because I believe that that I am an optimist. I want every member of this association to assist the Government in making a success of what probably is the biggest war loan wo shall ever havo to raise'. This war is not going on for ever. It is coming within measurable distance of the end. How long the end wili Iw in coming we cannot bay to a month or Ilireo months. But we havo tho evidence sliinding out that the war is nearer its end than many people believe it to 1)0. One way of hastening tho end is to mako this War Loan a great success. Denth Duty Stock. "I wish to mention publicly tho stock that the Government has liiado available ill connection with the loan for the payment of death duties. Wo have provided, as announced in the Budget, inscribed stock to the value of £1,000,000, to be applied for by people who wish to sat. ll aside for the nayment of doath duties. I have every reason to bolievo that the applications for this stock will bo far iu excess of the million provilod, and thore will require to ho an allocation among the applicants. I want to say tor the information of investors that when the Treasury is considering the allocation of this death-duty stock, it

will bo guided largely by the investments in the ordinary inscribed stock. All will bo treated fairly, but tho amount of ordinary stock applied for will be considered in the allocation of tho deathduty stock. No person will 'get deathduty stock only. "The death-duty stock will not be saleable at a profit by any person who receives it. It will .bo inscribed in the name of tho purchaser, who will not bo allowed to make a profit by selling it subsequently. If the holder wishes to , sell, ho may take tho stock to tho Treasury, which will buy it at the full faco value, and will then r.ell it at the original price of it-sue to somebody else. This death-duty stock will be accepted as cash for the payment of death duties."

Investments for Children, In answer to a question, Sir Joseph Ward said that a man who wished to invest, ear, J/1000 on behalf of four children, could either havo all the stock inscribed in his own name, or i:10C0 inscribed in the namo of each child. Tho inscribed stock gave absolute protection. The stock would bo held by tho Treasury in the name of the owner, ami tho interest would be forwarded as required. Tho certificate- of title issued in connection with this inscribed stock would be a valid security for deposit with a bank, but the loss, of tho certificate would not change tho ownership of tho stock. Peoplo who preferred payable-10-bearer bonds could have them. These bonds did not offer quite tho same degree of security, since tho payment, of interest and principal depended upon continued possession of the bond. Sir Joseph Ward said that ho believed most investors would prefer tho inscribed stock. Arrangements would bo mado after tho war to create a market in London for the stock of tho new loan and of tho earlier war loans. A Pledgo of Support. The president of tho association (Mr. F. AT. Manton) presided, and in some brief introductory remarks commended the words of the "Minister of Ifinanco to the attention of the members. The apex of tho crisis through which the Empire was passing had been reached, and ho felt sure that the association wished to assist in hastening the notion's pro"ress on tho winning side. He moved: "That this meeting of Wellington commercial travellers and warehousemen resolves to assist the. National Government by every means in Hβ power in the successful flotation of tho Liberty Tho motion was seconded V>y Mr. W. F. Cuthbertsou. vice-president, and carrird unanimously. Mr Manton said tho executive of the association had -met tho trustees that day and afler looking into tho fnvnuoa! tion had decided that tho first instalment of the association's contribution to t™ Liberty Loan should be £1000. The officers of'the association were prepared to mal-e investments on behalf of members without any charae, and he hoped their organisation would set a good exanvnle <o other bodies. Mr G Pirio moved a vote, of thanks tn "Kir Joseph Wanl for his <lre*s He hoped that no contribution ivonld bo regarded as too small. Tho children's inonev-ljoxcs throughout T\ew Zealand should l>e emptied for the purchase of war certificates. The 111011011 was seconded by -Mr. W. Bi'Mson and carried. "" The proceedings closed with the iNaAnthem. Tt was announced Inter that, those 'present at the gathering promised support to tho loan to the amount of .£35,000. and it is confidently expected thnt the amount will be made up to ,£50,000 witliin the next few days. CITIZRJMJETIrK! AT THE TOWN 7 HALL TO-DAY. A public meeting of "itizens is to. be held at tho -Town Hall Concert Chamber at .noon to-day, for the purpose of emphasising the need for contribution to the Liberty Loan. The Mayor (Mr. J. P. Luke,' C.M.6.) will preside, and the Prime Minister (tho Right Hon. W. F. Masssy), tho Minister of Finance (Sir Joseph Ward), and members of Parliament will be among the speakers. It is intended that tho speeches should be brief and incisive. The theme of tho loan will be clearly explained, and it is hoped that aa the result of the impetus given by the meeting Wellington will quickly "take its place in tho front rank of cities in the matter of supplying money as well ns men. It is urged that while many cannot take their part in the firing-line, all can answer their country's call) even if only to <i small extent, in making the War Loan a success.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19170828.2.51

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 10, Issue 3175, 28 August 1917, Page 6

Word count
Tapeke kupu
1,918

THE WAR LOAN Dominion, Volume 10, Issue 3175, 28 August 1917, Page 6

THE WAR LOAN Dominion, Volume 10, Issue 3175, 28 August 1917, Page 6

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