THE WAR LOAN

Dominion, Volume 11, Issue 181, 20 April 1918, Page 7

THE WAR LOAN

£8,500,000 SUBSCRIBED

COMPULSION TO BE ENFORCED

THE NEXT ISSUE

STATEMENT BY SIR JOSEPH WARD

Sir Joseph Ward made an important statement to the Press yesterday regarding the 4:9,500,000 War Loan. •He announced that the < mount of the, contributions received was .i8,5C0,0G0. Upon the whole it vjas a' good' response, but he would have preferred, of course, to have seen the amount fully subscribed. It was evident, ii-oiu < Jnforniation.- he had received, that a number ol! people had held back because they felt the compulsory clauses of the Act should be jut into operation to. insure those who iiad not hithnrto subscribed, doins; their purt. He thought this was but natural, and, as lie had already announced, tho aompulsory clauses would be put into force as 6oon as tho necessary machinery va« prepared.

The Minister added that the Commit, sioner of Taxes would in dun course serve the persons concerned villi notices, lliey would have Hid right of appeal to an Appeal Board, and, if necessary, of a further appeal to a Judge of "the Supreme Court, so that people who felt they had proper {.rounds for not subscribing had every opportunity of carrynig tho matter to final-appeal. He hope<l, however, that an early response iiom those who had not contributed would save the necessity for a considerable amount of correspondence and delay, and ensure to the subscribers the higher rate, of interest.

I» reference to the .£20,000,000 loan, authority for which had been given by,' Parliament, Sir Joseph Ward said ho wished to niako it known for general information that it would not -be necessary to so upon the market for a portion of this ioan until about the end offtovcuiber or the middle of December next, as he felt confident that (La - amounts that would come in during toe Intervening period would be sufficient to. carry on after tho present ii 9,500,000 loan had bceu expended. The full amount ot tho loan would not be put upon the market theu; he tsptcted that the amount he would ask for would be about or .612,000,000. ' Hβ took the opportunity of making this anlumncerueut; now. so-as to give ample in-' tfmniion to those who would require to subscribe to the new loan. It would ba recognised by those familiar with the financial 'conditions of the country that the time he proposed for the raising of the next ioan would be a good one, *l<l ho hoped that .tlie.-fact.:.that it .was rot Intended to place a larger amount than , that he had named upon the -market would stimulate those who had not responded to the loan to' 6end'. ' their applications, in without delay. It ■was quite, futile for any of us to in any; way disguise the, fact that the money that v;as being asked for for war expenditure had to be provided, and Lβ sincerely hoped that the responsibilities of the country would be recognised by individuals, aud that they would actively ■ move towards dofpg - what was their • clear duty. If all who should did their' part he was confident that, though the amounts required were large, they could .be fully provided. ;.-... •. ~ ;