SECOND LIBERTY LOAN

Southland Times, Issue 24870, 9 October 1942, Page 4

SECOND LIBERTY LOAN

£10,000,000 With Terms Unchanged (P.A.) WELLINGTON, October 8. The terms of the second Liberty Loan were announced tonight by the acting Minister of Finance, the Rt. Hon. P. Fraser. He recalled that it was announced in the Financial Statement early this year that the total amount to be raised by way of loans for war purposes during the current financial year would be £27,500,000. The satisfactory response to the first Liberty Loan, to which £17,500,000 was subscribed, left only £10,000,000 to be found now, and the public of the Dominion was asked to subscribe this sum to the second Liberty Loan, which would be open for subscription next Monday. It would be open until November 14. The prospectus, said Mr Fraser, would contain an offer of two classes of stock, namely, 2J per cent, stock repayable on May 15, 1948, and 3 per cent, stock repayable on May 15, 195356. In the case of the last-mentioned stock, the right would be reserved for the Minister of Finance to repay it at any time after May 15, 1953, on giving three months’ notice. These terms were similar to those of the first Liberty Loan, the maturity dates in each case being advanced by approximately a year. Those desiring to take up new loan instalments could do so on the following terms: 30 per cent, on application, 30 per cent, on December 15, and 40 per cent, on January 27, 1943. NEED FOR FULL RESPONSE A pleasing feature of the first Liberty Loan, said Mr Fraser, was the large number of people who contributed amounts from £lO upwards, and .he hoped that on this occasion there would be an equally good if not better response. He added that he did not need to review again the events in the Pacific, with operations so close to our shores, to make everyone realize the necessity for the Dominion’s effort to receive whole-hearted support. His recent visit to the United States had confirmed his opinion that the road to victory was a hard one, demanding of each and everyone of us the utmost sacrifice; but he had confidence in New Zealand and its people to give the fighting services all the support they needed in the fight to regain liberty.