AUSTRALIAN WAR LOANS

Dominion, Volume 11, Issue 191, 2 May 1918, Page 4

AUSTRALIAN WAR LOANS

, TOTAL OP OVER £147,000,000. Tho splendid success of (ho last—tho sixth—Australian War Loan was referred to by Mr. Denison Miller, Governor of tho Commonwealth Rniifc, who is at present in Auckland. Up lo tho time Mr. Miller left. Australia the final returns hail not como to hand, but it was certain that tho loan would bo over-subscribed. At the lime of tho receipt of Mr. Miller's last information over 175,000 people or in. stitutjons had made application for ecrip, and olose on £4 1,000,000 had boon lent to (lie Government iVr war purposes. Mr. Miller sniil the result was a stupendous achievement for Australian patriotism. Subscriptions to tho first five Commonwealth loans totalled £101,410,340, or an average of over £20,000,000 each. With tho sixth War Loan, however, after allowing for an amount of £5,000,000 ol)tained by tho sale of war savings cortificates up to dale, tho total amount which the public of Australia had so far subscribed for war purposes was in round figures £117,000.000. Mr. Miller said the financial position in Australia was absolutely sound, after all only a comparatively small portion of the wealth of the Commonwealth had so far been devoted to war purjjoses. The wealth of the Commonwealth for the year ended June 30, 31)15, was £1,0(3,403,370, and was at ' uresent estimated at £1,800,000,000. Tho annual income at [ tho dato mentioned was £257.050,251. This showed that tho Commonwealth had I a lung way to go before it was at the end \ of its financial tether in providing money | for war purposes. The greater part ot ; the money raised for war loans had been i spent in Australia, and so long as that • went on, and wool, wheat, meat, metals, ■■ ?.;id other produce which tho world re- : quired continued to bo produced, 60 long I rc-.iW. the Commonwealth, contiuuo to bor- : row money in Australia, as the bulk of : tin) money did not go out of the posscs- '■ si-m of the people there. j Mr. Miller said the banks Ihroughout ! the Commonwealth iiad given vory great I assistance to the loan, and their patriotic ; efforts in this regard merited the highest • appreciation of tho community. Tho ; special arrangement under which banks : mode advances to customers to enable ! them to invest in the loan, charging inj teresfc at only 1 per cent., had enabled numbers of people to invest who would I otherwise have been quite unable to do jso to anything like the same extent. In effect, many people had mortgaged their I future incomes for a period of 12 or 18 j months to enable (hem to put their • money into the fighting fund, and at tho j same* time had made an excellent autf i profitable investment for themselves. It was anticipated that beneficial results from a national .point of view would accrue from this arrangement, as its effect would be to encourage thrift among those who have mortgaged their future incomes in this way. Experience had shown that every effort was concentrated upon reduction and paying off the overdraft as rapidly as possible, and tho saving spirit which would thus be engenaered throughout the community should ultimateiv prove extremely beneficial. While Australia had raised a great' deal of money for war purposes, it must not bo forgotten that at the same time tho people had increased their own material prosperity bv their savings, which were invested .'in War Loan stock. In conclusion, Mr. Miller said the war, loans were being raised in a systematic manner, and the organisation by which they aTO obtained was being extended from time to timo to meet requirements;