THE WAR LOAN.

Taranaki Daily News, 20 April 1918, Page 4

THE WAR LOAN.

NOT FULLY SUBSCRIBED. STATEMENT BY MINISTER. COMPULSORY CLAUSES TO BE ' ENFORCED. ARRANGEMENTS RE £20,000,000 LOAN, By Telegraph.—Press Association. Wellington, Last Night, Sir Joseph Ward made an important statement to the press to-day regarding the £9,500,000 war loan. He announced that the amount of contributions received was £8,500,000. Upon the whole it was a good response, but he would have preferred, of course, to have seen the amount fully subscribed.'' It was»evident, from the information he had received, that a number of people had leld back because they felt the compulsory clauses of the Act should be put into operation to ensure that those who had not hitherto subscribed should bo skiing their part. He thought this was brrt natural, and, as he had already announced, the compulsory clauses would be put into force as Boon as the necessary machinery was prepared. The Minister added that the Commissioner of Taxes would, in due course,. serve tta persons concerned with notices. They would have the right of appeal to an appeal board, and, if necessary, of a-fnr-ther appeal to a judge of the Supreme Court, so that people who felt that they had proper grounds for not subscribing had every opportunity of carrying the matter to final appeal. He hoped, however, that an early response from those who had not contributed would save the necessity for a considerable amount of correspondence, and ensure to subscribe ers the higher rate of interest In reference to the twenty million loan, authority for which had been, given by Parliament, Sir Joseph Ward said he wished to make it known, for general in- | formation, that it would not be necessary to go upon the market for a portion of this loan until about the end of November or the middle of December next, as. he felt confident that the amounts that would come in during the intervening period would be sufficient to carry on after the present £9,500,000 loan bad been expended. The full amount of the loan would not be put upon the market then. He expected that the amount he would ask for would be about 11 or 12 millions. He took the opportunity of making this announcement now, so-as.to give ample intimation to those wio would require to subscribe to the new. loan. It would be recognised by those familiar with the financial conditions of th? country that the time he proposed for tho raising of the loan would be a good one, and he hoped that the fact that it was not intended to place a larger amount than that he had named upon the market would stimulate those who had not responded to the £9,500,000 loan to send their applications in without delev.

It was quite futile for any of us to in any way disguise the fact that the money that was being asked for for -wax expenditure had to be provided, and be sincerely hoped that the responsibilities of the country would be recognised by individuals, and that they would actively move towards doing what was their clear duty. If all who should did their part, he was confident that, though the amounts required were large, they could be fully provided.