THE SILVER BULLET

Dominion, Volume 11, Issue 216, 31 May 1918, Page 6

THE SILVER BULLET

NEW ZEALAND LOANS

LARGE SUMS RAISED

lhe Hon. Arthur Myers states that the 9-1 million loan floated recently is now practically fully subscribed. A certain proportion has, however, beon reserved, so as to enable the compulsory clauses of the Finance Act to be put into operalion. It is necessary to follow this' course; otherwise the financial shirker jvould not bo reached. It is not intended to put these clauses into operation, in the first instance, as against any person who :has contributed to War Loans, but only as against those who have not contributed at all.

■Asked for an expression, of opinion as to the date of the dotation of tho twenty million loan authorised by the recent short session of Parliament, Mr. Myers stated that an instalment of this would probably be issued at tho end of the present year.

the financial position continues to be quite satisfactory," remarked the Minister, "linprccedentedly largo sums have been raised in the Dominion during the war period. Each successive- financial call upon the, country is met in a manner that serves to shoiv that our resources arc- fully equal to the- strain made upon them in connection with our determination to support the Allied cause until victory is achieved." The following figures give some indication of the heavy burden whicli New Zealand is shouldering, as a result of her war-time operations:— - > War loans raised since the outbreak of war;—

Subscribed in. N.Z. 136,558,915 . Raised in London 19,576,575 Total war loans 56,135,130 Loans for public works, land settlement, etc., raised in N.Z. since the outbreak of war ~,..., ..,.,, (1,000,000 Total amount of_ nil loans already actually raised in N.Z. and in London to date 65,135,190 To bo added to which, of course, there is tho amount of loan authorised by the ■ 1918 session of Parliament ... 20,000,000 JC85,135,490 From the above figures it will be observed that the amount of loans alrendy raised internally' is more than 15J millions. This is no insignificant record for a country of a population numbering little more than a million inhabitants. As indicating tho extent to which the small subscriber has patriotically "done his bit" towards swelling this immense total of home-produced capital, Mr. Myers mentioned the fact that to tho end Of April, 1918, the value of Post Office certificates sold to tho community amounted to ,£3,705,960.

_ "This war is now a question of stay* ing power/' said the Minister, "and, no matter how long it may be destined to last before final and complete victory crowns our efforts and rewards our sacrifices in the cause of liberty and freedom, tho ability of the British race to keep their end well up' until German autocracy receives its death-blow is exemplified by the way in which war loans throughout the Empire continue to be subscribed and over-subscribed. » The sustained strength of our Army in the field depends upon the support given to it by the nation at home. Money, is the root of all national effort, and that the in-' habitants of New Zealand have recognised this truth and have for the most part accepted the financial obligations devolving upon them as citizens of one of the free nations of the world that are leagued together for the suppression of militarism and intolerance is evinced by tho fact that up to the present dato our war loans subscribed internally (and voluntarily) amount to 36 millions. Every loyal citizen who is unable to become an actutl combatant in the struggle" concluded the Minister, "should keep ever before him the duty of saving to the utmost extent and of lending such savings to tho Government, that the magnificent bravery and endurance of our troops may receive the support they more than merit."