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The Dominion. FRIDAY, MARCH 15, 1918. THE COMING WAR LOAN

To date New Zealand has borrowed for war purposes something like £45,000,000. Tho exact figure has not been published, but speaking in the House of Representatives last October the Minister of Finance gave such particulars as were- then available. The total amount. borrowed for all purposes since tho war was, at September 30 last, £47,697,000, of which amount over £6,000,000 was for other than war purposes. Between September 30 and October 17, the date on which Sir Joseph Ward was speaking, £3,800,000 additional 'had been borrowed, making tho total borrowings to that date approximately £51,500,000. Since tnen there have been further additions through tho sale of war certificates and bonds, but the exact amount has not yot been made public. It is probaMy on tho safe side, however, to say that tho Dominion's borrowing for war purposes totals at least £45,000,000. Our total net indebtedness at the outbreak of the war was £91,000,000, so that for war purposes alone the indebtedness of the country has been increased in three and a half years by practically 50 per cent. Since the war something like £30,000,000 has been borrowed in New Zealand, and yet in spite of this remarkable drain on the local money market; in spito of this enormous but unavoidable increase in the public debt; in spite of tho huge sums collected by way of taxation to swell the revenues to meet tho increasing demands on tho public exchequer duo to war costs—in spito of all theso drains on the purse of the community the Dominion was never in a stronger' position financially than it ia. today. Sir Joseph Ward, when discussing the last Loan Bill before Parliament, expressed, the opinion that notwithstanding the heavy calls that had been made and tho accumulation of debt that had grown so rapidly since tho war Now Zealand was in a stronger position financially than any other country within the Empire. This was a strong assertion to make, but viewing tho situation broadly it must be conceded that thero is much to be said in support of the Finance Minister's view.

This week the Government will make appeal for a further loan. Last session authority was given for the raising of £28,000,000 for war purposes, Of this amount £12,000,000 had been, borrowed up to September 30, and additional contributions havo since been subscribed. How much we do not know, but probably thoy do not total very much. It is proposed, howovcr, on tho present occasion to borrow locally £9,500,000 at i\ per cent, free of income tax, or there is tho alternative for limited amounts of 5 per cent, without tho income tax exemption. This amount must be forthcoming. It is essential to enable New Zealand to continue in the war. The money is available, and it is the duty of every citizon who has any regard for the honour and the future welfare of his country to subscribe l<o this loan to the best of his ability. There can bo no excuse for tho man with the means to avoid his obligation in tbis matter. He owes it to his country, he owes it to the men who aro fighting for his welfare, he owes it, to put tho position on its lowest scale, to his own self-interest. There arc few indeed who will need to be reminded of their obligations and fewer still who will attempt to shirk them. But those who come within the latter category may be reminded that the Government has power to com-

pel the financial shirker just, as it lias power i.o compel the military shirker. Moreover, thai, power will be exercised. Questioned on t-ho subject towards the close of last session, Sir Joseph Wahd staled the Government's attitude and intentions very clearly and emphatically. Nothing would bo done, he said, to put the compulsory clauses into effect before the raising of the loan, "but when the next loan comes along [that is, the loan about to bo raised] there will be a review of those who have not done their duty in tho preceding loan and the one before- that; and it is certain that if they have not dono their duty the compulsory clauses will be put into operation to ensure in all fairness to those who have voluntarily subscribed very liberally, and in some cases at great inconvenience, that they will not be put in a worse position by having, in order to help the war, deprived themselves of money that in many cases they urgently required." It may be hoped, for the credit of New Zealand, and for the credit of the persons concerned, that it will not be necessary to enforce tho compulsory provisions of the Act, but that they will bo put into operation if the necessity should arise is made plain by tho Finance Minister's very definite pronouncement.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/DOM19180315.2.11

Bibliographic details
Ngā taipitopito pukapuka

Dominion, Volume 11, Issue 151, 15 March 1918, Page 4

Word count
Tapeke kupu
819

The Dominion. FRIDAY, MARCH 15, 1918. THE COMING WAR LOAN Dominion, Volume 11, Issue 151, 15 March 1918, Page 4

The Dominion. FRIDAY, MARCH 15, 1918. THE COMING WAR LOAN Dominion, Volume 11, Issue 151, 15 March 1918, Page 4

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