Ob­server comes to coun­cil’s de­fence

Stirling Observer - - SCHOOL NEWS -

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.”

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