War Loans
A selection of documents and artworks we hold about War Loans: Read more below 
Either you don’t have Flash or else your version of Flash is too old. Flash 9 is required for interactive zoomable image support. Download the latest version of Flash.
 | |
| |
From the beginning of the First World War New Zealand was determined to bear the cost of participating by itself. However this potentially ruinous course meant that early on the National Coalition Minister of Finance, Sir Joseph Ward, turned to the local scene as a source of funds.
Appeals for loans from patriotic citizens became the subject of a barrage of advertising and promotion including a multitude of posters and pamphlets. Wile there were legislative provisions allowing compulsory loans, these were generally not needed, with the war loan schemes usually being over-subscribed, despite the low interest rate offered.
By 1919 government debt had doubled to £201 million, of which over half was held overseas. Of this, more than £80 million consisted of war loans, two-thirds of which had been found from borrowing within New Zealand
