Observer comes to council’s defence
The Observer defended Stirling Town Council against claims it had not dug deep enough to help finance the war.
As the cost of the conflict mounted the Government urged individuals and organisations to provide finance through the War Loan.
While Alloa Town Council had invested £15,000 in the War Loan, Stirling’s council had only put in £1200.
That did not tell the full story, said the Observer.
There were 25 war savings associations in operation in Stirling, in addition to penny banks and school banks.
All were aimed at raising cash for the war effort.
The Observer added: “There is no urgent necessity for the town council taking up War Loan stock for the purpose of giving it out in small sums to householders.
“And when it comes to the council investing in the loan on its own behalf there is not the money to do this.
“The reason is not that Stirling is poor but that the corporation has an excellent system of paying back every year a certain proportion of the capital and interest on loans until they are redeemed.
“This is a much sounder policy than the accumulation of big credit balances, which is the source from which other corporations get their money to invest in the War Loan.”