THE WAR LOAN.

Hokitika Guardian, 19 February 1917, Page 1

THE WAR LOAN.

Great Rush of Money

(Australian & N.Z. Cab'o Association

and Rbntfcr.)

LONDON, Feb. 17th.

There was a great eleventh hour rfisli to subscribe to (the victory war loan. The stock exchange describes it as the gretatedt financial ‘triumph in the world’s history. Eager crowds surrounded the hanks during the day. A feature of (the rush was the considerable amount of gold discovered, which had i pnarently been hidden in stockings. Hunof women sent the Lord Mayor their jewellery to sell as gifts for the exchequer, including valuable necklaces, diamond rings, and waltclies. Most of the gifts were anonymous. Before the loan was issued the great banks arranged whereby the money the Chancellor required would he forthcoming. The response of the public was so great thalt tho banks will not bo called on to make direct subscriptions, though they have made large loans which were approved by clients. I here was an immense number of middle class subscriptions, particularly in war saving certificates. The largo employers of labour throughout the country have taken up large blocks of stock for (the benefit of employees who will repay the loan by weekly deductions from their wages.

War Costs

LONDON, Feb. 16.

The “Nation,” in discussing Britain’s tremendous commitments, states that when the new vote of credit of £5-50,000,000 is exhausted at the end of May, Britain’s war bill will reach £4,182,000,000. The national debt will then total £4,200,000,000. The conclusion of the war will not bring immcai a.te relief, and our probable total indebtedness will he £6,000,000,000, of which amount £1,000,000,000 has been advanced fto our Allies. We are now called on to pay £250,000,000 in interest yearly, in addition to £100,000,000 sinking fund. The “Nation” estimates that the new war loan will bring in over £600,000,000 of new money.