SECOND LIBERTY LOAN

Southland Times, Issue 24879, 20 October 1942, Page 4

SECOND LIBERTY LOAN

CAMPAIGN PLANS CONSIDERED “The regular subscribers to these loans are already coming forward, but so far I do not know what effect the publicity for the loan has had on the general public,” said Mr A. H. J. Wyatt, manager of the Invercargill branch of the Bank of New Zealand, at a meeting of the Invercargill Second Liberty Loan Committee yesterday afternoon. Mr R. C. Cook, chairman of the Invercargill Stock Exchange, said that members of the exchange had tound the position was as described by Mr Wyatt. People and firms who were approached about subscribing to the loan said they would consider the matter and in his opinion it was best to make an intensive drive for subscriptions towards the end of the loan period. The honorary organizer, Mr.W. G. Nield, reported that he had written to Mr L. S. Edmond, president of the Nightcaps Miners’ Union, informing him that he had been appointed a member of the committee and suggesting that a special effort be made to get members of the union to take up loan scrip of £lO and upwards. CIRCULARS PREPARED The draft of a circular letter, which it was proposed to send to local bodies asking them to support the Second Liberty Loan to the utmost of their resources, was read by Mr Nield. ls pointed out that a serious reverse in the Pacific might bring a menace to lite and property in New Zealand. Therefore, full support for the loan was essential so that it should not be said, “Too little and too late.” Mr Nield also read the draft of a circular that it was proposed to send to stock and station firms. Both circulars were approved. Mr H. C. Gimblett, clerk of the Southland County Council, suggested that representations should be made to the authorities to enable local bodies to invest in the loan even if they incurred an overdraft in doing so; also that local bodies be allowed to invest from their revenue account and not only from balances as at present. Local bodies had at times to work on overdraft in anticipation of revenue, Mr Gimblett said, and this might prevent some from subscribing to the loan under the present regulations. It was decided that Messrs Gimblett and Nield should draft a letter to the Reserve Bank on the subject. After a discussion on the question of I rousing interest in the loan in the country districts it was decided that Mr Nield should communicate with Mr G. Stevenson, president of the Southland Provincial Executive of the Farmers Union, on the question of convening meetings of branches of the union. AMOUNT TO DATE Seven applications amounting to £7OO received yesterday brought Southlands contribution to the loan to £50,060. The objective for the province is £350,000. During the first week of the loan campaign a sum of £20,700 was received in subscritpions in Southland. This was made up of 16 applications totalling £3820 for 1948 Stock and 50 applications totalling £16,880 for 195356 Stock. Advanced subscriptions before the loan opened amounted to £28,660, so that Southland’s total at the end of the first week was £49,360. Mr Cook will give a talk on the second Liberty Loan from Station 4YZ at 7.15 this evening. SAVINGS BANK INVESTS £70,000 (P.A.) AUCKLAND, October 19. The trustees of the Auckland Savings Bank have decided to invest £70,000 in the Second Liberty Loan, bringing the total invested to date m Liberty Loans up to £300,000.