New Zealand governments had habitually raised loans in London to support development spending. During the First World War (1914–18) the Treasury department became active for the first time in long-term borrowing within New Zealand to help pay for the war. In this advertisement, Minister of Finance Joseph Ward asks New Zealanders to buy war loan certificates from the Treasury. By mid-1919 over £43 million had been raised within New Zealand, compared with £26 million advanced by the British government.
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Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.