RAISING THE LOAN.

Taranaki Daily News, 23 September 1919, Page 4

RAISING THE LOAN.

Ifi the War Loan is not fully subscribed by the date of closing, the time of issue is to be extended, so affirmed the Minister for Finance lQst week. The amount required of the public is verj» large, and it will not be surprising if it is not fully subscribed at once. Yet tho money has to be found somehow, and everyone has got to do his or her "bit" to that end. If it fail, then the blame will rest with the Government more than with the public. The Government has a unique opportunity of appealing to the public and enlisting its sympathy and help, but what is it doing? Little or nothing, It simply inserts in the public press a. few dull, official, unimaginative advertisements, the chief feature of which »is a minatgry announcement regarding the compulsory provisions of the Act. There is no kind of appeal to the small investor, who is just as much interested in the success of the loan as anyone else; nothing to show the duty cast upon him to help in financing our part of the war as the soldier helped in winning it on the field of battle. With the same expenditure the loan could be "boomed" in such a way that its flotation would bo the chief source of interest every day during which the list was open. Contrast the New Zealand dry-as-dust methods with those used by the Home authorities during the Victory Loan, the American Victory Loan, or even the Australian loan. There the press was used to an extraordinary extent, and the advertisements were prepared and written in such a way as to interest the public and convince/ them as to the value of the investment and their duty to help to the utmost of their ability. The publicity work was not confined to advertisements, however. It took many forms. In England they had complete organisation# for every district, one part being set against another part; they sent round captured guns and tanks; they held parades, delivered speeches, made use of motor car signs, picture film displays, posters, and special devices of every kind. Indeed, they neglected , no opportunity of "boosting" the loan. Result, the loans were an extraordinary success. The day of the old official methods of raising money or selling anything is gone. This fact is recognised everywhere else but in New Zealand. Here what was suilable for grandfather is quite good enough for grandchild.. But times have changed vastly, and we should be up and doing. The loan is the biggest thing New Zealand has had to sell during its existence, and the authorities, had they been following the course of things in other parts of the world, especially in "conservative" England, would have enlisted the services of publicity experts, who were only too willing to give their talents and time gratuitously in order to help the Government to float the loan But the Government has left the raising of the money to their own departmental heads, who could never be accused of possessing imagination or ability to interest and appeal convincingly to the

public. Tlieir work is of the official stereotyped order, and if tlie issue succeeds ( at the first time of asking it will be evidence of the soundness, not of their methods, but of the patriotism of the people.