LOYALTY LOAN.

Manawatu Herald, Volume XXXIX, Issue 1744, 4 August 1917, Page 3

LOYALTY LOAN.

£24,000,000 ASKED FOR. BILL PASSES ITS SECOND - READING. The War Purposes Loan Bill was introduced by Governor’s Message in the House of Representatives on Thursday afternoon, asking for the authorisation of the largest sum — £24,000,000 —ever considered by the Parliament of New Zealand. Provision is also made for the issue of Avar loan certificates under existing conditions. Another point is that £1,000,1)00 of the amount raised may be devoted by,those raising it to the payment of death duties. The Bill is essentially a Avar measure, necessitated by the fact that Avar requirements are costing this small portion of the British Empire no less than £1,900,000 a month. After -Sir Joseph Ward had explained the provisions of the Bill — it consists of seven clauses —there, Avas ah animated debate, the dominant features iii which Avere an expression of dissatisfaction at the rate of interest, 4£ per cent, free of income tax, and a spirited criticism of Avlmt was termed by more than one speaker extrayaganee in connection with the administration of the Defence Department. The Bill Avas read a second time.