Wairarapa Times-Age THURSDAY, JUNE 17, 1943. A GOOD BEGINNING.

Wairarapa Times-Age, 17 June 1943, Page 2

Wairarapa Times-Age THURSDAY, JUNE 17, 1943. A GOOD BEGINNING.

JN the Wairarapa and not least in Masterion a very good beginning has been made on the task of building up a creditable district, contribution to the Third Liberty Loan. Some excellent organising has been done and is being extended and it may be hoped that the goal of a quota worthy of the district and of the great cause to be served will be attained.

Not only are substantial subscriptions being made by individuals, firms and public bodies, but there are gratifying indications that the need for effort and some present sacrifice throughout the community in. building up the-loan is appreciated. Outstanding among these indications is the enterprising action by the pupils and Parents’ Association of the Masterton Central School of which brief particulars were given in our news columns on Monday.

The total of Masterton subscriptions to the loan stood at about £84,000 yesterday, a useful stimulus having been imparted by the visit of the Bond Wagon on Tuesday. There is a considerable flow of subscriptions also from other parts of the district. This in itself is satisfactory but it should be realised that much remains to be done in the 24 days remaining avail-, able. Investment in the Third Liberty Loan emphatically is not a matter in which it should be left to the other fellow to do what is necessary.

AVe owe it as a duty to our country and to ourselves to put what we can info the loan, even though the amount be small, in order that we may be free -of the reproach of letting down our fighting men, who have never let us down, and who hour by hour are risking or sacrificing their lives in order that we may continue to live in undisturbed security.

On a population basis, contributions to the loan of upwards of £200,000 from Masterton alone and from the Wairarapa as a. whole of well over a quarter of a. million are to be expected. Taking everything into account, these figures might very well be exceeded.

Not only on account of the large sum required from! the district, but on other grounds it is highly desirable that investments in the loan should include as many as possible; of small amount. Although the need of meeting the costs of the war promptly and in full measure is in itself vital there' are other reasons which make it most necessary that the loan should be supported as freely and'as widely as possible.

It lias been said accurately that apart, from the extent to which the cost of the war is paid out of taxation, it can be financed only out of loans —that is to say from the savings of the people—or by inflation. The Government could finance the war to a considerable extent simply by drawing upon an overdraft at the Reserve Bank, but in doing so it would cut down progressively the purchasing power of every pound and shilling circulating in the Dominion. This process would fall most heavily on those who earn their living as they go and are wholly dependent on what a weekly wage or monthly salary will buy.

On the oilier hand, putting funds that can be dispensed with for the time being into the Liberty Loan will, help to sustain the- present and the future purchasing- power of money. Some limits, at least, will, thus be set to inflation. It is of particular importance to those who are or might be small investors that putting money into the Liberty Loan is not a matter of giving something for nothing. Investment in the Joan is safe and reasonably.profitable and those making the investment will be protecting their own economic interests, besides assisting the national war effort and keeping faith with the fighting forces to whom we owe so much.