THE WAR LOAN

Taihape Daily Times, Issue 160, 22 August 1916, Page 5

THE WAR LOAN

A BRILLIANT SUCCESS. LOAN LARGELY OVERSUBSCRIBED. 3 MILLIONS APPLIED FOR A TRIUMPH IN FINANCE Early this morning Sir Joseph Ward dispelled all anxiety with respect to the success of the £8,000,001) War Loan; by despatching to this journal for publication the following telegram;— , “1 am glad to be abl e to inform you that applications for the War Loan total a little over nine and a quarter millions.. This is eminently satisfactory, and speaks eloquently of the fine feeling of the inhabitants and their desire to be associated with tiie Motherland in helping in an unparalleled crisis. Happily, at present, the signs of victory are more pronounced than has been the Case since the beginning of the struggle and the subscription of such a large sum of money in ten days from th e most distant of the oversea Dominions is a happy augury for the future.’’ (.Signed) ‘ LJ. (L WARD.’ ’ WAR LOAN NEWS. THE MINISTER Of FINANCE’S STATEMENT. THE DOMINION’S MANHOOD. WELLINGTON. Saturday. “Prospects are bright,” says the Finance Minister, who spoke with confidence of the result which he hopes to an nounce on Monday night. Public interest in the loan must he intense. Piles of letters and telegrams about it have come to Sir Joseph Ward, who |has been unable to spare time for ordinary Ministerial business till late each after noon. Many, intending investors take pride in telegraphing to the Finance Minister, stating how much they are prepared to help the war finance. The loan closes on Monday, when all late applications will be telegraphed to Wei lingitpn to enable the announcement or the result to be promptly made. The war certificate system organised by the Post Office will be continued after that date to meet the convenience of small investors who may be paid sums at the end of the month or have other reasons for waiting “Our young! Domin ion has reached its manhood,” declares Sir Joseph Ward. “It has raised and equipped an army with whose valiant deeds the world is already ringing. It has provided an efficient unit in the great navy guarding our common heritage, the sea. Now to complete in all respects its full claims to that self-re-liance characteristic of all self-con-tained people, it proposes no longer to rely on borrowing all the capital required from abroad, but to prove that beside s men, organisation and courage, it has within itself capital to meet a considerble portion of the extraordinary expenditure imposed by the great war.” THE SHORT TERM BONDS. TO BEAR FULL INTEREST. WELLINGTON, Friday. Interviewed to-night, Sir Joseph Ward stated that as some intending subscribers to the war loan did not apparently see the value of investing for 25 years instead of 14 he would meet the views of those who want to invest for 14 years by putting them in the same position, and accept any one sum up to £20,000 to bear interest from September Ist, providing) their application is in on or before the 21st inst. At the same time he expressed the opinion that in all probability an opportunity for the longer term upon such favourable conditions was not likely to arise in this country for many years to come, as the bonds would be readily saleable, and in all probability in the next few years would be at a premium. He could not understand why anybody should by preference select the shorter instead of the longer term. From an investment point of view the advantage was on the side of the longer period. what'OF THE FARMERS? Bankers report that at the eleventh hour city business firms and other largo investors have rallied, and have given the loan a big fillip. The country branches where it was expected a big volume of business would he transacted with the farmers, report that the enquiry has been quiet, and that the position is disappointing. If there should be a failure amongst the farmers, who have realised such magnificent prices during the war. tc do their share in the raising of ihr patriotic loan, it will be incompreheni ible. The loan offers an excellent investment. and while the farmers mav

[ not derive benefit from the exemption i from income tax of the interest on the bonds, those who are acquainted with the financial returns of this class of j investor have strongly expressed the I view that the war profits made by the I farming community should be invested in the loan in preference to using them for the reduction cf mortgages.