The Daily News. WEDNESDAY, AUGUST 23, 1916. THE LOAN.

Taranaki Daily News, 23 August 1916, Page 4

The Daily News. WEDNESDAY, AUGUST 23, 1916. THE LOAN.

The flotation of the War Loan is otic of the biggest things accomplished by New Zealand. It was a new departure, but its great success shows that the people were ready for it, and were prepared to do their part towards winning the war in the matter of finance as they are in supplying men for the firing line. The success of the loan is all the more gratifying considering the shortness of tht' time given to subscribe and the fact that the public .were not told earlier of the intention of the Government to raise an internal loan. The Government gave it out as its settled policy not to affect the local money market by raising internal loans, and the public therefore were not "educated'' as they might otherwise have been in regard to sub-* scribing tin- money for carrying on the war. The money is in the country, as the banks and post office savings banks returns show, and with a margin of from ten to twelve millions between exports and imports it is not beyond the power of the country to find all the money necessary to finance our fprces until the dsy of peace arrives. Evtn if it entails some hardship, it is our plain *■- —<!« v» tin. Mother Country of

tile millions wo have been borrowing from her. She has wonderful resources, and no doubt would continue to lend us money in her usual ungrudging way, but it has to be remembered that Britain has to (inance lier allies as well as herself, and every million counts. All the other dominions have been helping themselves, and the only way we could ■preserve our self-respe'ct was to adopt the same self-reliant policy, especially as .we have been doing so well out of the war. It is unlikely, in view of the public response to the eight millions loan, that we will sponge on the Mother Country again. At any rate, it is to be hoped not, and the Treasurer would be well advised to let the country know that from now on lie expects it to find the money to finance our share in the war. Then the public will have the necessary time in which to make arrangements, and not be hurried as on this occasion. The success of the big war loans at "Home is generally acknowledged to be due to the able and striking way in which they were presented to the public. The Mew Zealand Treasurer could advantageously copy some of the methods employed, His late appeal was very businesslike, no doubt, but it was cold and formal, and certainly did not tend to make the public stop and think and then invest. The appeal would have been quite all right if it were meant for financiers only, but as it was intended for the whole of the people, less cold and formal terms were needed to raise their patriotism and enthusiasm. It woulil .pay the Government to employ outside publicity experts to handle a campaign, and not rely on its stuck-in-the-mt officials. Properly handled, another two millions in certificates would bfc taken up. The Finance Minister has reason to be gratified with the public's response. It was a new departure, but iwith so much money, lying practically idle in the various financial institutions there surely could never be any doubt of its success. The Government has now been shown that the public is willing to find the sinews of way and to assist the Empire in this as well as in other respects to carry the war ■» victorious conclusion.