HIGH TIME FOR ACTION

Dominion, Volume 36, Issue 32, 2 November 1942, Page 4

HIGH TIME FOR ACTION

At the present time both Australia and New Zealand are floating war loans. The Commonwealth’s goal i5.£100,000,000 and that of the Dominion £10,000,000, and the Federal authorities have, expressed their firm belief that the sum they require will be assured if they can aet 500,000 subscribers. On that basis the local mark could be reached with 50,000 applications and that is possible. The greater the number of people supporting the loan, the wider the spread ot the assets which this investment represents, the stronger will be the financial position of the country, , It would be quite wrong to conclude that the concern ot the Government is solely one of obtaining the money, and that once its requuements in that respect have been met its interest in the matter will cease. These war loans are a vital factor in the. economic position of the country, and the manner in which they are subscribed is one of great importance to those whose duty it is to preserve as far as possible its economic stability. To the extent that any application represents a transference of purchasing power from the individual to the btate something is being done to prevent undue pressure on prices; that is, the possibility of "inflation is being lessened. It would be correct to say that if every pound subscribed represented a reduction in someone’s individual expenditure then the maximum benefit would be derived by the community. It may not be possible to place the loan °'J that basis, but the nearer the Dominion gets to it the better. , And the measure of success achieved rests entirely upon each citizen. It each and every one will make an effort, even if it should involve some personal sacrifice, and devote what can be saved; to support of this loan then the beneficial effects to the nation will be extended. That truly patriotic act must lie within the power of’twice 50,000 people in New Zealand. War, as is invariably the case, has increased the national income rapidly and large sections of the community have benefited. It is from that money, together with whatever capital is available for investment, that the support of the loan must come I his transaction will complete the programme for the current financial year, free those entrusted with the direction of the war effort from any immediate concern regarding the monetary side of the biggest under - taking in the history of the country, and make certain that, as far as money can assure it, nothing will be left undone to make New Zealand’s contribution to the Allied cause a powerful one in relation, to the strength of the State and its resources. This is the time for action on the home front.