INTEREST FREE LOAN

Wairarapa Times-Age, 5 March 1940, Page 4

INTEREST FREE LOAN

MILLION FROM THE BANK OF NEW ZEALAND ACCEPTED GRATEFULLY BY GOVERNMENT. OFFERS FROM MANY FIRMS AND INDIVIDUALS. (By Telegraph—Press Association.) INVERCARGILL, March 4. The announcement that the board of directors of the Bank of New Zealand had offered £1.000.000 free of interest to the Government for war purposes was made by the Deputy-Prime Minister, Mr Fraser, at a recruiting rally tonight. He said that the loan was to be for the period of the war and six months thereafter. The Government had gratefully accepted the offer. The action of the Bank of New Zealand would, he was sure, meet with the deep appreciation of the people of the Dominion. Mr Fraser said, and if this example were followed the financial burden of the war would perhaps be kept within reasonable limits. Though this had been by far the largest and most spectacular offer of assistance received by the Government, it was only one of a great number. Business firms and private individuals had been equally generous according to their means. There was a man in New Plymouth who a few days after war broke out made the first of these free of interest loans. He was a man in a very humble way and a returned soldier. In’his lietter he pointed out that in his circumstances he could not make a gift, but would like his money to be accepted as a loan. He said he believed it was the duty of every citien to endeavour to assist in the crisis confronting the British nation. A number of other loans to the Government was also referred to by Mr Fraser. Ever since the war began, he said, there had been a steady stream, of offers to the Government of loans of money free of interest for the duration of the war.

“I need not say how deeply the Government appreciates the generosity which lias inspired these patriotic people and I trust that their example will have its effect in inspiring others to render similar service,” he said. “The financial burden of the war is indeed a crushing one. This type of assistance will be of obvious benefit to the country's war effort and I would like to take this opportunity of calling upon every citizen to get behind the Government and make his contribution in whatever form he can. It would be a magnificent inspiration to the people of the Dominion, to our soldiers and to the British Commonwealth if New Zealand’s splendid contribution of manhood was supplemented with an unprecedented response of money as well as men.”