The Taihape Daily Times. AND WAIMARINO ADVOCATE WEDNESDAY, AUGUST 15, 1917. THE TWELVE MILLION LOAN.

Taihape Daily Times, Issue 220, 15 August 1917, Page 4

The Taihape Daily Times. AND WAIMARINO ADVOCATE

WEDNESDAY, AUGUST 15, 1917. THE TWELVE MILLION LOAN.

(With which is incorporated The Taihape Post and Waimarino News).

In to-day's' issue of this journal the Minister of Finance publishes information in detail respecting the second great War Loan it has become necessary for this Dominion to raise and he invites every man, who has the money, to subscribe thereto. This, of course, is no ordinary loan in which people are invited to invest; it is, as we all know, a loan that is forced upon us by the peoples of Central Europe, who would not only possess our land, but would also reduce us to a condition iof servitude and slavery. This is no exaggerated talk as the tremendous sacrifices in life our Empire and the countries of our Allies, have already made, and will yet have to make before safety and freedom are quite assurred indicate. It is hardly necessary to say that men and money are the two great essentials to final victory; this Dominion has sacrificed its best lives for country, honour and freedom, ' 'what are we going to do about the money?" There has been no sparing of lives, and it is inconceivable that there will be any miserliness about the money. Lives have been conscripted, but the provision of money has, up to the present, been left to the realisation of duty, the honour and patriotism of its possessors. New Zealand has not failed the Empire in the provision of men, and it is unthinkable that those who have profited so much by the war will fail the Empire in the provision of money. Is it reasonable that we should be asked by the Minister of Finance to furnish another twelve millions of money wherewith to prosecute the war? Necessity knows no law, and to contemplate the alternative of victory over our enemies, is terror inconceivable. It is more than reasonable, it is an absolute obligation; victory is impossible without soldiers, and soldiers cannot be equipped and kept without money. To make his unpalatable work light, and to ease the terrible strain of his responsibilities it is hoped and believed that every tr,ue Briton who has one hundred pounds even to invest will j promptly answer this call of the Minister for money. There are those who

are clamant for the conscription of money; up to the present, however, thene has been no real need for conscription. Money for the ten million loan was forthcoming in excess of the amount asked for, and although another twelve millions seems a huge sum, it is known that accumulations of savings in the various branches of banks could furnish twice the amount asked for without impoverishing anyone. Hitherto those men who keep up the nation's production, its industries, and commerce have been allowed to determine what money was required to keep economic machinery amply lubricated; there is no desire to interfere with that arrangement so long as there is sufficient surplus to keep war operations on a level that is adequate to secure victory. Parliament is, however, determined that there shall be no shirkers in money any more than in men. There are some who have neither contributed men or money and this attitude is going to be rectified, if necessary, by compulsion. In "The Finance Act" provision is being made for compelling men with money, who will not do their duty voluntarily, to contribute according to their means, but from the liberality time and again patriotically shown in this district, we do not think it likely that we shall have the shame of chronicling one single case. THE WAB LOAN PBOSPECTUS.

The Minister of Finance, backed by an almost unanimous Parliament, is offering contributors to the War Loan most liberal terms. Four-and-a-half pen cent, free of income tax, may fairly be said to equal six per cent., it may mean considerably more, as if the war should continue beyond the limit of anticipations, the income tax will have to be increased to keep the country going, and it is as well that men with ! money should realise this. It should also be fully understood that this loan is for war purposes only, nevertheless, it is a means of investment of a national character that has never offered better terms or remuneration. Investors receive interest on their contributions in cash every half-year, on May 15th and November 15th, the first payment being made on the former date 1918, an income on which there is no tax collectable however, high a tax on other incomes may be levied in the future. Warrants and coupons are free of exChange at any money order office in New Zealand, Australia or London, there is no encroachment on the interest earned, it is paid in grass everywhere. Then again there is a security about this loan that has never attended previous internal' loans. The bonds issued may be rendered as convenient to handle as land is by the adoption of the Torrens, or Land Transfer Act. These war bonds carry the right of conversion into inscribed stock on application to the Treasury to have them | so converted. This eliminates all fear of j loss or destruction; it enables them to J be readily saleable, and there is no i doubt that the time is not far distant when they will be at a premium. The inscription books will lie at the Treasury where all transfers of such stock will be made, and where , stockholders who wish to sell or transfer, may obtain the necessary forms. A more attractive investment, we believe, was never offered by any Government, notwithstanding the fact that Parliament is empowered to raise money on any terms. Absolutely nothnig has been left undone in placing investors in the very best possible position. The time for receiving applications is necessarily hort; the war, waits for nothing and nobobdy, money must be had to carry it on till victory crowns our efforts. The Minister, of Finance has even made provision for time limitations forced upon him. He knows that there are hundreds of men who are anxious to invest in the War Loau, who cannot use their money for the purpose 'at this moment; he. knows there are., as many more who have considerable returns to come for their meat, wool and other produce, "whose"* duty it is t« do their share towards winning the war, and he has made arrangements with all Banks doing business in the Dominion, whereby money may be had at once. No man with means can excuse himelf by saying his money was not at the moment available. We have every ' reason to say that we feel sure there is not a settler in this district who will not rush to aid the Empire and particularly this Dominion, with whatever money he can possibly afford, before Monday, the 3rd September, on which date applications close. The War Loan Prospectus is published in full on another page of this issue; in the best interests of lender and borrower it should receive careful study.