THE WAR LOAN.

Stratford Evening Post, Volume XXVIII, Issue 65, 16 November 1915, Page 8

THE WAR LOAN.

REMARKS BY SIR JOSEPH WARD. JL'litt i'JUiSS Wellington, .November 15. The total sum ottered tlie Government m connection with th© Public Works Loan of £2,UOU,UOU was 82U, tins sum including jl-160,225 oi renewals by way oi conversions. I'll© Minister lor Finance announced these ligures to-night. "Of the loan of £2,0U0,0UU," added the Minuter, "th© investing .public ot iSew Zealand receives £1,955,855, that is exclusive of investments through State Departments, the total under that heading being £ 1-1,115. All investments up to £IUU,UUU have been accepted in lull. An allocation has been made in ease ot applications beyond £IOO,OUU. 'lnvestors had the option of taking debentures for periods of 5, 10, 15, 20, or 25 years. The total cash allocations for five years amount to £1,002,451, for 10 years £350,035, for 15 years £82,050, for 20 years £13,080, and for 25 years £-181,880. The loan was issued at par, and no advantage was given to anybody ,so far as the price of issu© Avas concerned. The smallest investor and the largest stood ou the same footing."

lu answer to a question regarding the cost of issue, Sir Joseph Ward said that every comparison that could b e made was favorable to the local issue. If the loan had been made in London it would hav© required to be underwritten, and then issued at discount and ordinary charges for commission and brokerage would have had to be paid. No special inducements of that kind had been offered in the case of the locally-raised loan, aiid the charges had been very small, amounting to little more than the cost of printing and advertising. Brokerage fe© of one-half per cent, had been paid in case of applications forwarded through licensed brokers and banks. "It will b© a considerable time before the Government goes upon the New Zealand market for another loan," added Sir Joseph Ward. "In all human probability we shall not have completed the expenditure of this money on public works when the war reaches its conclusion. War loan money which has been coming into the country at the rate of £500,000 a month, or £6,000,000 a year, and then have ceased to reach 'tis, and the question of future borrowing and where it shall be effected will be considered at that time. The Government will continue to assist settlers and workers by advancing money at low rates of interest, in comparison to what w© are paying to investors. Wo will continue to make avances to local bodies also, the limit in that branch being £SOOO for a single advance. This certainly should have a steadying effect on the money market."