The terms of the. new Loan were-announced on Friday week.
The regular investor is offered a four per cent. Funding Loan, issued at eighty, and redeemable by the year 1990,by means of a Sinking Fund. The investor who desires something more than the fixed dividend is offered four per cent. Victory Bonds, issued at eighty-five,- and redeemable at par by annual drawings to begin in September, 1920. There is a mild speculative flavour about these Bonds which will, •we think, attract very many people of moderate means who have learned to save under the stress of war. They will „gladly pay another £6 for the chance of receiving £100 for a Bond which harm cost £85, and the State will benefit. The Victory Bonds will also commend themselves to the wealthy, because they will be accepted at their face value in payment of Death Duties. The Post Office, we are glad to find, will issue both forms of the Loan, in small amounts from £5 upwards. It is of the greatest importance, from every point of view, that working man should be enabled to put their savings into the new Loan. The working-class investors did their part manfully in subscribing to the War Loans, when the Post Office made it easy for them to do so.
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