The Daily News. MONDAY, MARCH 18, 1918. THE WAR LOAN.

Taranaki Daily News, 18 March 1918, Page 4

The Daily News. MONDAY, MARCH 18, 1918. THE WAR LOAN.

Tt will be remembered that Parliament last session authorised the borrowing of twenty eight millions sterling for war ourposes, and that about twelve millions of the amount was raised last year, The Government is now floating a further portion of the loan (nine and a-half mimons) at four and a-half per cent. free of income tax, at the same time providing for a limited amount of investments in inscribed stock carrying five per cent, interest but deprived of 'he income tax exemption. If the large sums on deposit at the various banks, together with the excess of deposits over withdrawals in the post office savings bank, afford any criterion of the ability of the cquntry to raise another ten millions sterling, then the success of the notation must be regarded as already assured. It is necessary, how. ever, to take a deeper and broader view of these war loans than that which relates solely to .the question of investment of spare capital or savings at a remunerative rate of interest. We cannot get away from the fact that the people of New Zealand are just as much, if "not more, interested in prosecuting the war to final victory as the Motherland or any other portion of the Empire; also that there is not only an implied, but an actual obligation on the people of the Dominion to bear their due share of the financial as well as of the milit. :y operations involved in tho struggle. That New Zealand can well afford ten, or even twenty, millions goes without saying, and in the general prosperity which is so assured by the depleted stores of produce, and especially foodstuffs, in other countries, there should bo not only a willingness, but an eagerness to lend to the country in the time of the Empire's crisis—when its fate is hanging in the balance. We should not, and, under the great financial pressure which is weighing so ueavily on the Mother Country, we ought not to be an added weight to her already colossal financial load. New Zealanders have the money at command and should not hesitate a moment to subscribe largely to the loan—they would be giving nothing, merely lending at a fair rate of interest. Without money the war cannot be won, and the alternative is too terrible to contemplate. Already the Dominion has raised between forty and fifty millions for war purposes. Such a sum seems large for a comparatively thinly populated and young country to raise, but the estimated private wealth is well over three hundred millions, and the high prices of produce, with the corresponding enhancement of property, has been swelling that wealth every year, so that even if a hundred millions were imperatively necessary it would not be beyond the power of the country to find it, though the process would affect the money market considerably, and would entail heavy taxation to meet interest and sinking fund, for it must 'be remembered that apart from war borrowing New Zealand's public debt at the commencement of the war amounted to ninetyone millions. We have arrived at a most critical stage in the struggle which emphasises the need for more men and more money. Every citizen of the Dominion should feel honorably pledged to do the utmost possible to win through. Those who are fit to fiVht should go forward with Spartanlike courage determined to win. Those who cannot fight, but can work should do then- utmost to increase production, whUe those who have tho money that h so urgently needed should feel it a „rivi lege as well as an imperative duty to make that money do its part i„ the ™ work. This ds no time for selfishEvery man, woman «£ iIT? forms of a^<* Ow* victwy- is alow foßsiMft

ono should face, fairly and squarely, what will happen if the war is not won, and there would he no doubt as to the response to the war loan. We merely mention, without stressing' the fact in the- slightest, that the Government has been armed with compulsory powers if moral suasion does not suffice, and w« can only say that it would s)e a Mot on the Dominion if those powers have to he enforced. The Minister of Finance has already given a timely warning on this subject and that should suffice. The burden is not to 'he allowed to press merely on the willing, but there is to be equality of sacrifice as well as equality of service and effort.