NEW WAR LOANS.

Manawatu Herald, Volume XL, Issue 1891, 17 October 1918, Page 3

NEW WAR LOANS.

FREE OF INCOME TAX?

“It is certain,” slates Sir Joseph Ward, “that this country will require to raise another large loan for war purposes during this financial year, the amount of which I cannot indicate at. present. The difference of opinion as to whether the loan should be raised free of income tax or not is not singular to New Zealand. As I passed through Canada on my road here, the very same issues were being discussed there. The Canadian Government is out now to raise a loan of 100 millions sterling for war purposes at 51 per cent., free of income tax, which is 1 per cent, higher limn tiny thing we had offered in this country. There is a similar controversy in the United States... The Canadian Minister for Finance, in dealing with the matter, publicly expressed the opinion that the first essential is to gob the money to enable the war expenditure to he met, and that applies also to the United States, and to this country, and to every country that is raising war loans. And those with the responsibility on their shoulders realise, of course, that it is necessary to he sure of obtaining mmiey without doing anything to weaken the credit of the country, because, after all, every interest, from the humblest position to the highest, is dependent, upon the strength of the nation’s finance to enable the wheels of industry in every direction to run smoothly and successfully.”