THE LIBERTY LOAN

Dominion, Volume 10, Issue 3176, 29 August 1917, Page 5

THE LIBERTY LOAN

SOUNDING THE TOCSIN

PVTT OF NON-COMBATANTS

PATRIOTIC SPEECHES

f More attended tho Liberty Loan. meetJug called by tho Mayor (Mr. J. V. Luke) for noon, yesterday than could bo bomfortably sealed in ttio City Council vhambor, and those who did attend were frery representative of tho business and fconimerolal life of tho. city. Mr. Luke,' [who presided, was supported on cither (hand by tho Prinio Minister and Sir Uosoph Ward, whilst in the body of tho tehamber were members of tho House, city councillors, the chairman o£ tho Harbour Board (Mr. C. E. JJaniell) and several members of the City Council and other local bodies. ! The Jlayor said ho felt that hp would bo wnnting in his duty to the citizens of Wellington were he to neglect tho opportunity of trying to interest each and "every ono in the loan the New Zealand JGoverninent was placing before them. Ufe would be failing in nis duty did ho jiiot poinS out that however much was the money value they put into the loan it was little compared with • tho great Sacrifices that weri being made by their toys for New Zealand. (Applnnee.) They ought to realise the .absolute necessity of inaking the loan, a success in order that the war might be carried on to victory, trhey did not • estimate wealth in the feame way as they estimated blood, because to-day thoso who had) gone from (New Zealand were engaged in a combat iunique in the history of tho world. New Zealand had always played the game, tind would always play the game. [A<p-, Wause.) The speaker referred to signs of Biesension in tho estimation of' tho capacity of th 9 National Government to cope •with the problems that faced the country, but he maintained that the Natonal Government had the confidence of' .the people of New Zealand as a whole. (Applause.) Ho wanted no discussion on tho failings' or accomplishments of the 'Government. ' (Hear, hear.) Referring k> the resources of New Zealand, Mr. !Luke eaid that from computed returns tof the wealth of'the United Kinpdom Sand New Zealand, tho average wealth of .the former was very much on a par with of New Zealand, and even if they Jiad to give up tho whole of their wealth 5t should be made available to carry on the war to a victorious issue. (Ap-> jplauee.) At such a time no little feeling should actuate anyone, but all Should pive freely and quickly, in order to let 'other people know,- let (lie world know, that they were not goiner to relax until Victory was theirs. (Applause.) He then formally moved tlie resolution: That this meeting of citizens place tan record their high appreciation of the noblo and brave sacrifices of the soldiers, sailors, and nurses of New • Zealand, in company with their gallant comrades of the Empire and the Allied nations. end we pledge onrselves to aid their efforts by placing at the disposal of tho Government ■ all possible financial assistance. Their Duty Clear. The Prime Minister (tho Eight Hon. iW. F. Massey) said that ho had much pleasure in supportiDsr 6uch a fine resolution, which he felt represented the feelings of tho citizens of Wellington—the Empiro City of ■the Dominion: The War Loan F r °- jxisals which had been put forward by . the Finance Minister were-, he felt 6ure, acceptable to tho peoplo of the Dominion. Ho was glad to 6ee so many ladies present, which • he took to be a proof of their loyalty and patriotism. Twelve months ago many of them thought that the great war would soon cowo to an end, but the resources of Germany were not vet exhausted, and the end was not yet, but ho was. certain that victory, when, it came, would come to Britain and her Allies. (Applause.) There was not a citizen in tho Empire who could say'when the end .of tho war would come, but their duty was as clear as the sun at noon that day—to carry on to a victorious conclusion. (Applause.) The little white crosses on Galhpoli, on the plains of France,, and on the sands of Egypt spoke more «loquently than words urging us to carry on until victory came. New Zealand had done her part well, its Boldiers had fought gallantly and mado every sacrifice fighting for our safetv and security. Many of tho citizens had subscribed most generously to patriotic funds and loans, and now they came again to ask them to shoulder their ehare in the great; war. This was the opportunity to show that their brave words and hearty cheers when they sent their boys away, were liot merely empty forms, but' as sounding brass and tinkling cymbals"—to show that they were perfectly sincere in the sentiments to which they gave utterance. Not long ago the Finance Minister and liimself were in Great Britain, when the Government "asked tho people of tM United Kingdom to find 1,000,000,000 sovereigns. It was ■ an enormous Bum of money,, but they ' found that money, which represented £26 per ■gead of the population. To-day tho New Zealand Government was asking the •people to find the first instalment of a loan of .£22,000.000, which worked out as nearly as possible to .£2l per head. If Untain could find a thousand millions, the people of New' Zealand would just PS willingly find twenty millions—(np-plause)-for though he had found the Ticople of Britain wonderful in their loyalty, generosity, and patriotism, he considered the people of this country just' hs loyal, just as generous, and every bit hs patriotic, nnd he believed the result of the loan would show it. (Applause.) frhey could find the money, and they were going to do it. They W eaid at the ontset of tho war that they wonM ■<i_Kht to tho last man and the laeft shilling, and now/ after three years, of war, 5f it became necessary, the last man nnd the last shilling would be forthcoming. (Applause.) Thpre were many Jieople possessed of considerable properdin New Zealand who were prepared u> Rivn no the whole of it in order to prevent the domination of Germany. There Jiad been mention made of dissensfon, nnd he was sorry to say thnt thpre were Si- few disloyal people 'in New Zealand, nnd a few of them were not of enemy origin. It sometimes cropped up,' in the Press, or the pulpit, and even', in Parliament, and ho hnd no hesitation in Paying that such pepnle were traitor's to tlm country and the Empire, f AnpUuse.) "When victory came they mould not lread?ly forget such people. Ho was'appealing to the patriotic, who represented 95 •per cent, of the people of the Donmiion. They were not appealing to any parjtieuJar class—they were appealing to' the small mnn to contribute as n proof of his patriotism, nnd it would be -just as pood as tl'nt of the man who milt ten tor twenty thousand pounds into the, loan. "We Cannot Let Anyone Escape!" Sir Joseph Ward said that it .'would , )iot only be suicidil but crituin.iji to go outside New Zealand for tho money at the- present time. Ho had only j'list received intimation abo'it a loan • floated in London by tho Commonwealth. The 'Australian loan was .£+,500,000 at SJ per cent., tho wholo of which was underwritten. That meant that Australia would be paying £3 l!)s. 4d. per cent, on bonds and .EG 9s. per cent, en s'.ock. If they had to go to London for their U22,000,000 they would, have to get tho whole of it underwritten, and 'would bo •very lucky if.it did not cost th™i 6 per tent. Four-fifths' of the people; of New Zealand did not realise tho mng;nitude of raising ,£22,000,000.' It was absolutely necessary that all people of email means should subscribe, and he wishod to im- ■ press upon them that they wr inted them nil to mibscribo. If they (Hid not it meant that the loan would i.".nt bo a success. At the Nuiio tiiuo they ;-wero taking steps to see that tho big iu!*n came in. The position was that they r':ould not let anyone escape. It was a r-jol<<asal task to raise .£22.000.000 in less , ;' than seven months. And after all th/j> loan was a good investment. Tho smo':.ll man could get 5 per 1 cent, on from <j6IOO to i£soo, and tho ordinary man ccm'-)(l get i\ per cent, freo of income tax, w-hich was not nt all a bad investment. 'j'Phis wnr wm u war of sacrifices, and ai-fter all tho racrifico of tho man who st' iyed at homo was nothing to tho sacrifice) <>f the man who wont out to fight for t hem all, and st was tho duty of every : ono of them

to mako the sacrifice l\v helping to mako tho loan a great success. (Appla'use.) A Banker's Recommendation. Mr. Harold Boauohamp, Jiairman of the Bank of New Zealand, agreed that it would bo humiliating to look overseas for tho money required. There was no doubt that they ia New Zealand were quite capable of finding the money. As a proof of the country's financial ability to meet tho call ho quoted figures. Taking tho bank deposits, free and fixed, he said that in Juno, 1914, tho amount so represented was .£25,505,000. In June, 1017, it was .E37,200,(M0-an in* oreaso of .£12,000,000. In June, 19U, the deposits in the Post OHico Savings Banks were .£19,480,000, in 1910 4:25,603,000, and in 1917 .£23,000,000, an increase of nearly .£10,000,000 for tho period of the war. Tho value of imports for the three years' preceding the war was .£G5,00b,000, and the exports J>G3,000,000. For the last three years—tho war period—the value of imports was .£GG,OOO,OOO, and exports That gavo an enormous margin to tho good, and showed that there was plenty of money available, which should be freely subscribed to this loan. Sinco August, 1914, Groat Britain had raised .£3,672,000,000. by loans, and .£1,185,000,000 by revenue, a total up to Juno last of Ho could thoroughly recommend tho loan a3 an investment. Tho banks wore not Tβceiving a single sixpence brokerage on subscriptions made through them, and were offering very liberal terms to subscribers, viz., 10 per cent, deposit, 5 per cent, in three months, 5 per cent, in eii months, and tho balance in quarterly instalments of 10 per cent., the whole being repayable in 1919. In Britain the total indebtedness at the ond of the war would not be less than ,£l2O per head for every man, woman, an dchild, and in New Zealand it would bo JUSO per head. Ho advised all to pledge their means and credit to the fullest extent. If that were done success would result. As an example, he quoted the action of some of the maharajahe of India, who had placed the whole of their wealth at the disposal of the King. He could not do better than Bay—"Go thou and do likowise!" (Applause.) Buy, a Projectile. Mr. T.M. Wilford said that every £1 subscribed meant a projectile thrown at German militarism. . Tho first response of America* on entering the war was the hurling of 3,000,000,000 dollars at the Kaiser. Quoting from-a newspaper cutting, Mr. Wilford read that Sir William Robertson had said that this was a war of nations, not of armies, and that thero was not a person who did not help or hinder the prosecution of the war. Only 25 per cent, of the nation were represented in the fighting forces. Everybody in the room represented the 75 per cent., and this was their opportunity. The Government was like a sailing ship, and if they did not "raise tho wind" the ship became becalmed. When they "raised the wind" it set the ehip going on her course.; The Kaiser and his hell hounds had bred a solidarity of Empire that must mean'success. The Liberty Loan was their shield, and lot them bu.ild the shield with their pounds and hundreds of pounds. Let every man and woman in the country ask themselves tho question: "Have I done my share?" The money was in the country, but it was not what a country had but what it effectively used that counted.. Would it do it? Mr. C. E. Daniel!, chairman of the Wellington Harbour Board, said that at first ho did not like the loan project, as the interest was free of income tax, but now that Sir Joseph Ward had provided meane by which the "big fellow" would not 'get out of it, he heartily approved of tho loan, and thought they should put every shilling into the loan. I The gathering terminated with a voto of thanks to tho Mayor for presiding (moved by Mr. Mnssey), and tho singing of tho National) Anthem.