THE WAR LOAN.

Taranaki Daily News, 22 August 1916, Page 4

THE WAR LOAN.

£9,230,000 SUBSCRIBED. Sir Joseph Ward wired at midnight from Wellington:— "I am glad to be able to inform you that applications for the war loan total a little over nine and a quarter million. This is eminently satisfactory, and speaks eloquently of the fine feeling V of the inhabitants and their desire to be ' associated with the Motherland in help, nig in an unparalleled crisis. Happily, at present tin; signs of victory are more pronounced than has been the case since the beginning of the struggle, and the subscription of such a largt sum qf money in ten days from the most dis. tant of the Overseas Dominions is si happy augury for the future." NOT AS GREAT AS EXPECTED, BANKS TAKE FOUR MILLIONS. - (From Our Own Correspondent.) Wellington, Last Night, The extent of the public response U the war loan is scarcely as great as anticipated in some quarters, but this fact must be attributed in part to the shortness of time It will be remembered that long after the idea of a local war loan had first been mooted, Ministers and some financial experts rather soouted the idea on the ground of depletion of local resources, involving possibly a rise in the rate of interest. When the loan was announced the public mind had nob been prepared. Viewed in this light, the figures an. nounced by the Minister for Finance may be regarded as satisfactory. The banks take £4,000,000. It is understood this amount has been underwritten by them. The Bank of New Zealand takes; £2,000,000, and the other flanks , £2.000,000 between them. The sum of £1,516,000 is provided under the heading of sundry applications, and this comes from the State Departments, leaving the balance, nearly four millions, provided by the public, either through hanks or by direct application to the Treasury, or by the purchase o£ bonds and certificates' through the post office. Sir Joseph Ward informed your correspondent he regarded the result of the loan with very great satisfaction. He believed several hundred thousands of rounds would still come to hand througn the sale of bonds and certificates. The [Government would retain the whole amount subscribed for wai purposes.