LIBERTY LOAN

Wairarapa Times-Age, 27 May 1942, Page 3

LIBERTY LOAN

OVER £9,000,000 *SUBSCRIBED OFFER BY TRADING BANKS. TO FINANCE PURCHASES. (By Telegraph—Press Association.) WELLINGTON, This Day. Liberty Loan receipts now total £9,028,460. This was reported last night by the Reserve Bank. The total is made up of 2| per cent 1947 Stock, 2774 applications for £3,163,020, and 3 per cent 1952-55 Stock, 3635 applications for £5,865,440. To ensure the success of the loan, £6,000,000 more is wanted. After consultation with the Reserve Bank, the trading banks in New Zealand have announced a scheme which will give an opportunity for firms and employers to provide facilities whereby employees may share in the national war effort. Up to the present people in receipt of wages and salaries have been obliged to find a certain amount of cash to cover any subscription made to the Liberty Loan. The banks have now undertaken to give financial assistance through firms and other employers, and the scheme, details of which follow, is expected to receive very wide support from employers and employees. Employers are being asked to announce that they are prepared to purchase bonds or stock of the Liberty Loan on behalf of their employees. Where such purchases can be financed by the employer no assistance from the banks will, of course, be required but in any case where the employer so desires the banks have undertaken to give whatever assistance is necessary on the most favourable terms, that is, interest calculated on a day to day basis at the rate of 3| per cent per annum and the advances to be repaid within, a period of six months. The employer will recover the purchase price of the bonds or stock from the employees by deduction of regular amounts from their wages or salaries over the period mentioned.