Rangitikei Advocate. TWO EDITIONS DAILY. FRIDAY, AUGUST 11, 1916. THE WAR LOAN.

Rangitikei Advocate and Manawatu Argus, Volume XLI, Issue 11644, 11 August 1916, Page 4

Rangitikei Advocate. TWO EDITIONS DAILY. FRIDAY, AUGUST 11, 1916. THE WAR LOAN.

BY advertisement on another page to-day it will be seen that the Minister of Finance, Sir J. G. Ward, is inviting subscriptions to a New Zealand Government loan of eight millions sterling for war purposes only. It will be noted that the Bonds will be issued in values of fifty pounds only, and that the loan is to be for a period of fourteen or twenty five years at the option of the bond-holder. There are, however, War Loan certificates prov ided for the small investor, to which we shall refer later on. The interest payable is at the rate of four and a half per cent which, at the rate generally obtaining in New Zealnd, seems to be rather unattractive until it is noted that it will he paid entirely free of taxation. Forms of application may he obtained at the post offices, and lodgments on behalf of subscriptions may be made at any money order post office[or bant. It will be noticed, too, that chase of bonds is made extremely easy, deposits being payable of twenty-five per cent, in four payments, extending practically over half a year. The bonds, too, are Government securities in which trustees are authorised to invest trust funds and an annua! sinking fund is provided for the repayment of the loan to investors. It should also be noted that the amount of time given during which people may avail themselves of the opportunity to procure bonds is short, as no applications will be considered after the 21st of the present month. The above are practically the whole of the conditions, as will he seen by reference to the announcement. It now remains for the people of the country, [who are in a position to do so, to support the Government in its endeavour to raise the needful funds for the prosecution of the war to a successful issue. It will be a most shameful circumstance if the appeal of the Minister of Finance does not produce a satisfactory [result. We observe that the loan will be open to subscription both in [Australia ana the United Kingdom. But there ought not to he the least difficulty in raising the amount in New Zealand. Hitherto the United Kingdom las met most [of the expenses of the war for itself, the Dominions, and, to a large extent, for the Allies. But magically enormous as must be its financial resources they must have a limit somewhere. They cannot be illimitable, [like space. The manner in which it has carried its burdens so far must have terrorised Germany and astounded the rest of the world. But considering the fact that its daily expenditure has transcended the most extravagant estimates, and has reached the awesome total of six millions, it would be the very acme' of pusillanimity and cowardly neglect of duty it we failed to [relieve the Old Coun try of onr share of the expenditure cf a conflict that is as much ours as its own.

Here is an opportunity [for men and women who are well-to-do to exibit a type of patriotism, certainly not as lofty as that which impels a man to risk his life on the battlefield, but which may still have some element of patriotism in it. It may be summed up as patriotism three-parts profit and the fourth part sacrifice, [seeing that many people who will subscribe may possibly he able to obtain a somewhat larger rate of interest in other investments than is offered by thelGovernment. The Government, however, can provide a security for lenders that is 'more secure than when backed by broad acres only.

For Govenimentcrhdit not only rdsts npon the ordinary revenue of the country, but[also upon the whole of the broad acres of the country, Whether in Governent or private possession. It is the beafseourity in the world. 'Nor is the Minister appealing for funds to empty pockets, He is asking for a loan from the richest people in the world. The money is in the country. It has been rolling in in a golden stream for our high-priced exports; and a great deal of it is lying idle [in the banks, or is being expended in luxuries, in many cases unwisely. This is a case which specially appeals to those who for one of the many reasons, which passes ns on one side as being unfit to bear the privations and the physical exertion which participation in the war demands. I It is the one method by which they can help. It is a duty which may be considered almost divine in the imperativeness of the need. It is a method by which in lending it for the [[war people may save it from ultimately being seized by the victorious Hun.