SECOND LIBERTY LOAN

Southland Times, Issue 24873, 13 October 1942, Page 4

SECOND LIBERTY LOAN

“INSURANCE PREMIUM FOR LIBERTY” “The second Liberty Loan is being issued on similar terms to the previous loan. Investors are given the choice of taking the short term at 2 J per cent, or the long term at 3 per cent,” said the chairman of the Invercargill Stock Exchange (Mr R. C. Cook) in commenting on the terms of the loan last night. “Taking the ordinary market today for other Government stocks, there is very little that can be bought to give a re ” turn much over three per cent. The guarantee by the Government to accept this stock at its full value in payment of death duties at any time was given again on the applicant stating this requirement, he said. This was definitely an advantage that could not be obtained from any other investment today and was an opportunity for the man with money to create a guaranteed reserve for his estate in the future. One feature overlooked by many people was that this Government stock could be sold at any time on the stock market; therefore, the loan was a negotiable investment, which could not always be said for many other securities. Gifts of sums totalling £5OO in any one year were exempt from gift duty. This was an excellent chance for the generous to give dependants a parcel of this loan and thereby serve a double purpose. To ensure getting the £10,000,000 required, it would be necessary (apart from the usual people who had in many cases contributed to the three previous loans) for many new investors to contribute to what was, after all, an insurance premium for our future liberty. FULLEST SUPPORT MERITED In discussing the loan representatives of the trading banks generally expressed the opinion that the loan merited the fullest support. It was stated that the loan was solely for war purposes and the money was required. Further, from the point of view of the individual subscriber, any New Zealand Government stock was a valuable asset, capable of being realized readily in case of need, and also forming giltedged security if financial assistance was desired at any time. The Automobile Association (Southland) has subscribed £2OO to the loan on the long term basis. This was reported at the meeting of the general committee of the association last night. £9300 SUBSCRIBED IN SOUTHLAND The second Liberty Loan campaign opened promisingly in Southland yesterday when applications totalling £9300 were received. This sum does not include any advance subscriptions made direct to the Reserve Bank. There were six applications for 1948 stock totalling £2700 and six applications for 1953-56 stock totalling £6600. The Southland quota has been fixed by the Southland Second Liberty Loan Committee at £350,000 and an average of £ll,OOO a day will be required, but for the opening day yesterday’s applications are considered satisfactory. SUB-COMMITTEES IN INVERCARGILL Sub-committees to undertake various phases of the effort to secure Southland’s quota of £350,000 for the new war loan were appointed at a general meeting of the Southland Second Liberty Loan Committee yesterday afternoon. The Mayor (Mr A. Wachner) was chairman and there was a good attendance of members. Messrs John Gilkison, J. N. Armour, W. J. A. McGregor, .Hugh Ritchie, C. Bradfield, W. H. Boyes, A. W. Rodger and John Macdonald were appointed a committee to canvass the business area of the city. The Mayor and Messrs A. H. J. Wyatt, R. C. Cook, Hugh Ritchie, W. A. Ott, J. H. Reed, L. A. Niederer, D. Harris, R. T. Meredith and G. Stevenson (Dacre), were appointed speakers for radio talks during the campaign. Messrs W. F. Sturman and H. C. Gimblett were appointed a sub-committee to advise local bodies about the legal conditions of, contributions to the loan. Mr L. S. Edmond (Ohai) was appointed a member of the general committee.