DOMINION FINANCE.

Hokitika Guardian, 20 March 1918, Page 4

DOMINION FINANCE.

statement by sir j. g. ward. [per PI9KSS ASSOCIATION,. —COPYRIGHT.] WELLINGTON March 19. Speaking at the, final public function of the Red Triangle to-day, Sir Joseph Ward said that the’ purchase of War Loan certificates by the public, shows how large a sum may be -raised by a sum ft individual effort.

, War Loan certificates were first offered to . the public in August 1916. 'J hoy were specially designed to meet the | requirements of those who in the ordinary sense cannot he called investors, interest 'upon them, being foinpwted at 4} per cent., compound and payable at. the end of a term of five years, for which they were originally issued. Up to the end of February last the amount ol' cash received by the FosS; Office'for the sale ol W‘ir Loan certificates reached a sum of no loss than £2,900,340. ' Last year a further innovation was made by issuing certificates with ten years currency, these arc sold at 13s for every £1 fnee value and interest computed at 4] per cent compound. At the end of ten years the public received £1 for every 13s. paid in. For five years certificates the publicreceived £1 for every 16s paid in. A special 1 issue of Post Office, War Bonds was made in 1917. The sales were limited to £SOO for each holder and 'interest was fixed at £ per cent. This was.to meet the requirements or those who having a small amount of capital, could not afford to postpone the receipt of interest until the period of the loan expired, Post Office War Bonds, providing for payment of inter, est half yearly. This scheme proved a very great success, the 'sales up to the end of February reaching the sum i-of £1,540,465.

In dealing with the general loans, Sir Joseph Ward said the position was that the total authority granted f) .V Parliament for raising- war loans, was £56,000,000. The ‘total amount raised up to 28Ul February, 1918, was £46,000,000, of winch £19,500,000 were borrowed in London and £26,500,000 were borrowed in Now Zealand. The total war expenditure to 2Stl! February 1918 was £30,000,000. This includes outstanding imprest accounts. In addition to this expenditure there we.ro several months contribution at the rate of 050,000 per month in arrear to the Imperial Government for tlie maintenance of troops. The total amount borrowed since the commencement of the war for nil services amounts to £52,000,000 of which £19,000,000 were borrowed in England and £32,500,000 were borrowed in Now Zealand.

Sir Joseph Ward added that, the revenue for the eleven months showed an increase of £2,515,138. and the expenditure for the same period an increase of £771,389. The net increase of revenue for the eleven months was £1,744,740. He was glad to affirm that the position at the end of the year would he very satisfactory hut, lie said, all in creased revenue would he required, and he was glad to .repeat the assurance that lie recently gave that Ihero would be no increase in taxation .