LIBERTY LOAN

Dominion, Volume 36, Issue 15, 13 October 1942, Page 4

LIBERTY LOAN

All Citizens Asked To Contribute APPEAL BY MR. FRASER

An appeal to the people o£ New Zealand to give their wholehearted support to the Second Liberty Loan was made last night by the Prime Minister, Mr. Fraser. He said the campaign, which was opened yesterday morning, was an occasion for every citizen to demonstrate his loyalty to the cause for which New Zealand was fighting and his patriotism by making some subscription, however small. . The £10,000,000 asked for was well within the capacity of the public to find, and every pocket, large or small, should make some contribution. “There is no possibility of shirking this financial burden, nor, I am sure, does anyone wish to do so,” said Mr. Fraser, who mentioned that the war was costing New Zealand. £360,000 a day, and that the estimated sum required for this year was £133,000,000.

Personal Sacrifices.

“The response for which I am calling will entail personal sacrifices which I know the people will make because the war effort of the country urgently demands them,” he continued. “The money for which the Liberty Loan is being raised is urgently required to pay for essential war costs. .Moreover, apart from motives of patriotism I would like to remind people that there is a sound, if secondary, economic consideration, namely, the avoidance of inflation. “If we in New Zealand; are to make our best contribution to the war effort by maintaining the financial stability of the country, and, with it, a progressive flow of essential war production, any surplus purchasing power must be absorbed in -savings in one form or another. It will be obvious to everyone that the shortages of goods and services are increasing daily, the reason being, of course, that the material demands of war in the form of munitions, warlike equipment and stores, clothing, food and shelter produced in New Zealand involve a diversion, of effort from the production of goods which formerly were consumed by the public. The withdrawal of supplies and services from consumption by the civilian population must be matched with an equivalent withdrawal of spending power if inflation is to be avoided.

“In the stern task that lies ahead there is a part for everyone to play. Some bear arms, others are engaged on war work, but saving and investing in the country’s war effort is a weapon which everyone can handle. Those of us who do not fight with arms cannot ask the soldiers and the airmen and the sailors of New Zealand to give their lives for our freedom, our comfort and our safety unless we at tile same time display an equal willingness to make our contributions to the common cause.

“Our money is required to defend our shores anil to safeguard our homes and our families. We need only think of the sufferings and tragedies of the people of Europe, and nearer at home here in the Pacific, of China, of Burma, of 'Malaya, of the. Netherlands East Indies, of the Philippines, and the possibility of a repetition of similar events in and around our own island dependencies and in Australia and New Zealand. Every pound contributed to the Liberty Loan will help’to equip and maintain the men who have embraced the duty of defending our shores, and it is the duty of everyone to make the fullest contribution in his power. “In this matter of life and death we have no'choice 'but to pay the price required for the safeguarding of our liberty. We cannot afford, not to pay, even though the price entails, as it must, sacrifices and heavy burdens for every citizen. .* “The degree of success which this appeal obtains will be an indication of the extent to which the people of New Zealand regard their solemn duty, and I confidently expect,’ on this occasion as on the last, that the Liberty Loan will be over-subscribed by a substantial amount.- I look confidently to the people of New Zealand to rise to the occasion and respond with record. subscriptions.”

SUPPORT FOR LOAN Business Men’s Meeting

Reasons for whole-hearted support for the .Second Liberty Loan were advanced at a special meeting of business men called yesterday afternoon by the Wellington Chamber of Commerce. Mr. A. L. Wall presided and Lieut.-General E. Puttick, G.O.C. New Zealand Forces, cited figures dealing with the costs of warfare. The governor of the Reserve Bank, Mr. W. F. L. Ward, said that very gratifying indications of strong support had been obtained. Investors were urged to subscribe early, money bearing interest from the date of deposit. The loan was purely voluntary. The question had been asked, if there was ever a compulsory loan would investors in the voluntary Liberty Loans be given credit for their investments in these. The answer, under the. Finance Regulations, was a definite affirmative. Mr. Ward emphasized the sheer necessity of making the loan a success. The chairman of the Associated Banks. Mr. H. R. Chalmers, said the terms of th'e loan were very satisfactory, and offered a way of serving the country. It should be emphasized from that aspect, rather than the point of view of lending. There were other ways of financing wars —by levies, by taxation and by central bank credit (inflation)— but there was the hard, stony way, in accordance with British traditions, of rigid economy and saving. People would pay a stirgeon to the lust penny to save the lives of their children. By investing in war loans they were doing the same. It was Somerset Maugham who bad said that if a country valued anything more than its freedom, it would lose it.

Speaking as chairman of the Wellington organizing committee for the loan, the mayor. Mr. Hislop, said all realized that sacrifices had to be made and, from the financial point of view, not very many had been made so far. By subscribing people who were unable to assist physically were fighting the battle for freedom.

The Liberty Loan parade, which was postponed yesterday because of the unfavourable weather, will be held next Friday. The head of the column will move off from Waterloo Quay at 12.30 p.m.