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Lethbridge Herald Newspaper Archives

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Lethbridge Daily Herald, The (Newspaper) - October 24, 1919, Lethbridge, Alberta PAGE TEN TJIK LCTlJRRlDfiE l ocTonr.n 21. ives And explains her War Financing to her citizens Jffss Canada: In humility, be- cause of the sacriiices which Imvc been made for me, but in pride because of the Spirit of Fortitude of your Sons, I come to enlisr your most sympathetic support, -as expressed by your financial aid, to-enable rhe to meet the many obligations that still remain to- wards the men who fought. I also wish yon to provide me with sufficient National Working Capital-to consolidate the position in the world's markets, that you, .by your- industry, have so houour- abiy wqn.y Citizens': .Perhafis. you might 'like to take this opportunity ot tellies us how you expended the jelO.CKHJ.QOO we loaned, to-you last Miss Canada: I will recall'that ll asked you for' funds to carry on and to advance credits to Great Britain and our Allies, who, by their purchases have factories. _ Do you wani'details? '-V Citizens: VS.; The-more fads and figures you give us, the more fully will you answer the natural queries of those to whom you arc now appealing for a further loan. Miss Canada: Very well, then. I suggest you ask me questions. That is the best way to bring out the-facts, How much of the Victory Loan 1918 did-you-use expenditures? Miss Canada; Three-fifths of it in fact. Before giv- ing this expenditure in'detail I wish to explain that your de- mobilization expenses as 'against those of mobilization have been concentrated within a few months. The expense of transporting our Army overseas was spread over more than four years. Consequent- ly the cost of it .did not. bulk so large In any one year's budget. But to bring home in a few months hundreds of' thousands of, men, spread from England, France and Flanders, Italy, Egypt, Palestine to far-off Siberia, was a gigantic and expensive task. It taxed all my resources. v.- Citizens: Realizing the conditions you faced, because of thcshortagc of shipping, and remembering that other parts of the Empire were eager for the speedy return of their men, we think you did -vecy rtell. Give us now the details of your war Miss 'Canada: was spent, for" the payrnent of'soldiers since the cost of feeding therm part cost of bringing therii home, separation allowances to thelr.depehdents, the mainten- ance of medical and nursing staffs, in Britain as well as Canada, the organization nnd con- duct of the Department of Soldiers' Civil Re-Establishment (which in- cludes the Vocational Training Schools) and the financing and operation of the Soldier's Land Act. addition to this, I have already authorized and paying gratuities to soldiers on (heir discharge. Citizens: What is the amount of ihe gratuity? Miss Canada: I used of the Victory -Loan 1918 for this purpose, and expect to use of Victory Loan 1919. Citizens: Did you [rinkc any other dis- bursements under the heading of war I'xpendilures? Miss Canada: Yes, was spent at Halifax, to be used in reconstruction after the disaster. Citizens: We quite appreciate the fan that these nil necessary war .expendi- tures. Perhaps you will tell us now what you did in the way of advancing credits to Great Britain and our Allies? Miss Canada: With pleasure. I advanced Great Britain to help purchase your grain: and I loaned her another to buy other food stuffs. Citizens: Did Great Britain buy any fish from us? Miss Canada: Yes, worth. I loaned her the money to pay you for it. Citizens: Were there any other loans to Great Britain? Miss Canada: Yes, Great Britain bought worth of ships built here. I loaned her the money to pay for them. Theri 1 loaned her to meet other obligations iii' 'connection with munition purchases. !i Citizens: What security have you for all this? t Miss Canada: Great Britain's pledge to by the resources that made her Banker, Manufacturer and Bulwark to her Allies during the Citizens: That's good enough. Did you do anything for our Allies? Miss Canada: I loaned them' to buy your foodstuffs, raw material and manufactured products. Citizens: That accounts for last year's Loan. Will you tell us now why you need another Loan, and you purpose using it? Miss Canada: I need another loan to finish paying the expenses of demobilization, since the proceeds of the 1918 Loan were exhausted, and to meet the obligations I still owe to your Soldier Sons. I also need money for National Working Capital. Citizens: What are the obligations to soldiers? Miss Canada: The cost of bring- ing them home. The payment of all those still undemobilized, in- cluding sick and wounded, who are still in hospital, and who of course remain on the Army Payroll until discharged. The upkeep of hospi- tals, and'thcir medical and nursing staffs, Citizens: How much Vill (Jicsc items entail? Misa Canada: Citizens: Docs that include the sratui- tios? Misa Canada: No. 1 shall need of the New Loan to fin- ish paying these. Citizens: WiJI that include the money to liiKinre the Dept. of Soldiers' Civil Re- establishment, including the Vocational Training Schoels, and the working out of the Soldiers' Land Settlement Act? Miss Canada: No. I estimate for this. I have already approved loans to the amount of to soldiers already set- tied on the land under this Act, Citizens: How many soldiers arc taking advantage uf it? Miss Canada: Up to' August 15th, soldiers had applied for land under thd terms of the Act.' applications had been ap- proved. 9.043 men were 'already placed on farms, and millions of acres will be under cultivation, chat might1 otherwise be idle. Citizens; What do you consider the great national advantage of having soldiers .become farmers, apart from increased pro- duction q[ food. Miss Canada: The love of out- door life and the resourcefujness of our soldier citizens are just the qualities to make them successful farmers, and upholders of the best Canadian tradition. t Citizens: Have you any other war obligations? Miss Canada: Not that I foresee. 1 have covered the major Citizens: You purpose extending further i il credits to Great Britain and our Allies, do you Miss Canada: Yes, to the extent that your Loan will permit me to. Citizens: Why sell to Great Britain and our Allies if they can't pay cash? Miss Canada: Their orders are absolutely essential to the continu- ance of your agriculture and in- dustrial prosperity. The magni- tude of their orders, and the amount of employment thus cre- ated will depend upon the success of the Victory Loan 1919. Citizens: Will you explain simply this iclcn of credit; and why it 13 so necessary that we should give it? Miss Canada: Farmers and manufacturers (and that includes the workers on these orders) must be paid cash for their products. Therefore I must borrow money from you to give credit, tempor- arily, to Great Britain and our Allies. Actually, 110 money will pass out of Canada. If you do not grant this credit, other countries will; and they will get the trade, and have the employ- ment that should be yours, to dis- tribute amongst their workers. And remember, you absolutely need these orders to maintain em- ployment. If you don't finance them, employment will not be as plentiful, business will feel the depression and conditions every- where will be adversely artected. Citizens: Will you use the proceeds of; the Loan for any other purpose? Miss Canada: Yes. I must- carry out the National Ship- building and Reconstruction pro- gramme. I am also committed to advance loans to Provincial Hous- ing Commissions. Citizens: What arc advantages to be gained in buying Victory Bonds? v Miss Canada: The fact that Victory Bonds are among the world's premier good interest and in. ready saleability. Clcizcas: do you mean by Security? Miss Canada: I mean that the whole resources of the assets of all the all the wealth- yet to be discovered, is behind my pledge to repay you your principal when due and to meet each interest'payment. Citizens: What do you mean by "good interest 3 Miss Canada: You receive on your savings deposits Invest in my Bonds, with the security of all Canada behind you, and vou get Citizens: What do you mean bv "ready Miss Canada: I mean that if, at anytime, you wish to get cash for Victory is, sell you can do it at a moment's notice. you want to borrow money on them, any bank will loan it to you and accept them as security. For nil practical purposes Victory Bonds are as good as money, ex- cept that if you keep a'biii in a box at home, or in n vault, it doesn't earn Bonds do. 7 L v, Citizens: Would you advise a person to lake money out of a Savings Dank and invest it in Victory Bonds, and if so, why? Miss Canada: I 1 pay almost double the interest paid by Savings Banks and my obligation is undoubted. Citizens: Do you think Victory will increase in value? Miss Canada: They ought to. Every person who subscribed to Victory Bonds last year has made money. I have every reason to believe ir.y credit position must advance Citizens: You have Riven a good account nl' your stewardship, Aliss Canada, ant) realizing the obligations we have to our soldier our fanners and in- dustrial' our workers every- You, the Spirit of our beloved those who have so gladly and pillantly died for pledge ourselves lo buy your Victory Bonds to the absolute limil of our ability, and thus ensure the realization of our highest and best aspirations Canada and all Her peoples. Cut this out and read it carefully. It will answer a great many of the Questions you may be thinking of in connection with the "Every Dollar Spent In Canada" lu-jd by Canadi'i Victory If an Commitlct fa with ths Minister 61 Finance fit the Dominivn of Canadc. ;