26 JUNE 1915, Page 2

The Chancellor of the Exchequer explained the terms and conditions

of the new War Loan in a brief but lucid speech on Monday afternoon. The chief features of the scheme are as follows. The amount required is not specified, but is nominally £910,000,000. The Loan is issued at par, carrying 44 per cent, interest, the State having the right to repay at par in 1925, while the investor can in any event demand his money back in 1945. Holders of the first War Loan and of 2i and 21 per cent. Government annuities can, on certain conditions, convert their holdings into new War Loan stock. While the minimum subscription through the Bank of England will be, as usual, £100, it has been wisely decided to widen the appeal to the small investor by having bonds for £5 or £25 on sale at the Post Office, and War Lean vouchers for Is. or any multiple thereof, which will be obtainable not only at the post offices, but also through the agencies of Trade Unions, Friendly Societies, works offices, and similar bodies.