THE WAR LOAN.

Taranaki Daily News, 21 March 1918, Page 2

THE WAR LOAN.

SMALL ]JvJ)I \'l! JtJAlj KKKOKTN MOUXT UP. STATEMENT BY MINISTER. By Telegraph—Press Association. Wellington, March 1!). Speaking at the final public function of the Kcd Triangle to-day. Sir .Joseph Ward said: "The purcha-'e of war loan certificate* hy (he public shows how la rue a sum may he raised by small individual effort. The wai loan certiliiutes were lirst oll'oied to the public in August, laic. They were specially designed to nice; ihe rc<(uiroMienls of liiose Willi, in the til'tlis''ii>e. cannot be failed investors, interest upon 1 cm being computed at 4 1 /, ]ier eent. compounded, and payable at the end of a term of li\e years for which they wc-re originally issued. To the end of February hist the amount of received bv the past ollice for the siile of war loan certificates reached a sum of no less than :C2,!:r>(>;;i'i. l.nyear a Zurtlu-r innovation was nnuie by issuing certificates with a ten years' currency. These are solil at 13s for every £1 face value, and interest, compounded at ■Vf, per cent., at the enil ol' ten years, the public receiving CI for every l"s paid. In the special issue of post ollice war bonds, which v as made in 1'.>17, the sales were limited to £o(;0 for each holder, and the ''i!<Test was fixed at ,j per eent. Tin's was u> meet the rcr|iiironteiil.s of those who, having a small amount of cardial, could not, afford to postpone the receipt of interest until the period of (he loan expired, post ollice war bonds providing for payment of interest halfyearly. This scheme proved a very great success, the sales up to the end of February reaching the sum of i'l.oJO,■m.r In dealing with the general loans, Sir Joseph Ward said the position was that the. total authority granted by Parliament for raising war loan* limned the amount lo £o0.000,(H)0. The total amount raised up to 28th February, I!!1S. was AMIUiSII.OOO. of which £l<V r >i:!!,0n;) whs borrowed in London ami £2'J,jOO,UOO wa« borrowed in Xew Zealand. The total war expenditure to 28th February, 1!i 18, was £-10.0011,1)00. This ::iciudcd "ufstandiug iuteres; accounts. In addiiiou to this expenditure there Were several month*' contributions at (he rate or' £li.lo.oijo per mouth in arrear to the Imperial Government for the maintenance of troops, The iotal amount borrowed since the commencement f, t the war for all services amounts to £52,000.000. of which ,ei!V!0!!.0<!!> was borrowed in Kngland and c:t2,.'i:iO,l!llO in New Zealand. Sir Joseph added that the revenue for the eleven mouths showed an increase of £2,51 .LIS, and the expenditure for the same period an increase of £77I,MS. The net increase of revenue for the eleven mouths was £1,7-11,7-I 1 !. He was glad to reallirm that the position at the end of (he year would be very satisfactory, but lie said all increased revenue would be required, and he was glad to repeat the assurance that he recently gave that there would be 110 increase in taxation.