THE WAR LOAN.

Hokitika Guardian, 20 April 1918, Page 1

THE WAR LOAN.

£8,600,000 SUBSCRIBED. ■ AN IMPORTANT' STATEMENT. Wkloixctox, April 19 Sir Joseph Ward made an importnut statement to the Press to day regarding the £9,500,000 War Loan. ] le announced that the amount of contributions received was £8,600,000. Upon the whole it was a good response, bnt he would have preferred, of course, to have seen the amount fully subscribed. It was evident, from information j received, that a number of people had held back because they felt that the compulsory clauses of the Act should he put into operation to ensure those,' who had not hitherto subscribed, doing their, part. He thought this was but natural, and as had already announced, the compulsory clauses would be put into force as soon as the neces-ajy machinery was prepared. The Minister added that the Commissioner of Taxes, would in due course, serve persons concerned with notices. They would have the right of appeal to an Appeal Board, and if necessary, ol further appeal to a Judge ot the Supreme Court, so that the people who telfc they had piopet grounds for not subscribing, had every opportunity .of carrying the matter to tli'e final appeal. He hoped, however, that an eaily J response from those who had not contributed, would save the necessity for a considerable amount of correspondence and delay, and ensure to subscribe'the higher rate of interest. In inference to the Twenty Million Loan, authority for which had been given by Parliament, Sir Joseph. Ward said he wished to make it known for general information, that it would she necessary to go upon the market for a portion‘of this loan until about the

end of November or tlie middle ol Hecein her'next, ns he felt confident that 'amounts that would come in during the intervening period would be sufficient to carry on after the present £9,500,000 loan hard been expended. The full amount of the loan would not be put upon the market then. He expected that the amount he would ask for would be about 11 or 12 million.

He took the opportunity of making this announcement now, so as to give ample intimation to those who would require to subscribe to the new loan. It would be recognised by those familiar with the financial conditions of the conn try that the time he proposed for the raising of the next loan would be a good one, and he hoped that the fact that it was, not intended t 0 place a larger amount than that lie had named upon the market, wouldstimulate those who had not responded to the £9,500.000“ loan to seqd their application in without delay.

H was quite fatilo for any of us to, in any wav, disguise the fact that the money that was being asked for, foi war expenditure, had to be provided, and he sincerely hoped that the responsibilities of the country would he recognised by ' individuals and I hat 3 they would actively move towards j d oino* what was their clear duty. A all who should did tlieir part, lie was confident that, though the amounts 1 required were larger, they could be j fully provided.