LOANS FOR FREEDOM

Wairarapa Times-Age, 1 February 1941, Page 8

LOANS FOR FREEDOM

AUSTRALIAN FINANCES — WONDERFUL RESPONSE. I WILLINGNESS TO MAKE SOME SACRIFICE. One of the outstanding features of Australia's war effort has been the remarkably good response to the various public loans that have been issued. A bulletin issued by the Commonwealth Department of Information, released in New Zealand by the Australian Trade Commissioner 'Air C. E. Critchley). says that an overwhelming majority of the Australian people are pre pared to support the Government, by making voluntary sacrifices on aj scale which might well have been ’ thought impossible before the out-i break of hostilities. "The 194(1-41 Budget culls for the, 1 country's full participation in the 'Battle for freedom.* In the closing stages of his Budget speech, the Feder- ■ al Treasurer had this to say; ‘I am con- 1 fident that in asking the people ofi .Australia to accept higher taxation and i to support the largo war loans we wil’d issue, they will respond willingly." | "That such confidence is justified has! been demonstrated by the success oft the latest £28.000,000 loan. Over-sub-1 scription of this loan means that with-' in nine months more than £66,000 000 j has been subscribed to Commonwealth; loans by the general public In addi-! (ion War Savings Certificates to the I value of over £ 16,000,000 have been i sold to date, while interest-free loans I to the Government have amounted to more than £5.000.000. "That surely is a commendable; achievement on the jxirt <>f a country j whose population is only about severmillions, and which is being asked to j find very kij-go sums by way of taxa - ' lion. , "In order to allow the economy nf, the country to adjust itself in some I measure to the exigencies of war, thei Commonwealth Government refrained ‘ from approaching the local loan mar-; ket for about six months following the' ciitbreak o( war. So that the Govern- , men’. could carry on until the timewas considered opportune to float a public loan, the Commonwealth Bank and the Trading banks made a private: loan <•! £l2 000.000 to the Government ; in December. 1939 ■ The liisi public loan was floated in Marell 1910, the second in May-Jum? 1940 and ’.he third in December 1940 These Ivans have aggregated a nominal amount uf F66.0001W, of which, £4B 000.000 has been earmarked for, war and defence, and the balance of j £lB,OOO 000 for public works of the' Commonwealth and States, and for, ether purpmes. ‘ An outline of these issues, ail <>f which have been issued at par. and all. <>f which have been oversubscribed isi given beb-w Amount Interest Currency ! Date £ millions Rates * Years ■ March 1940 IK 31 ."H 10-16 1910 ?’< *> 3* in-it; Dee.. 1940 l!S 2’ 5 j io-in - "The latest Budget provides ( : ‘he a -mg ■>( £ 8’) HkI.iU.MI hv public bur-, ng dtiimi: 1940-41 of which’ mil £SOtX‘K)(W) is expected to bid wa.table L war purposes. and the; xd.mce of £ JI’JXX’.'XX) far public workinti other purjKrae "The first mstalmrr.' of tills pro- \ jramtne is represented by the £28,-; KKJ.OOO £<20.000,000 v-ar and £ 8.000. (XXi 1 üblie works' loan recently floated j i'te.irlv further substantial ptibhc b<-r-: wmg mu-t be expected before >h. ’.>•.<• of the current financial year ;i: 30 next