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Dubliners rush to support new War Loan
The cost of war: an Illustrated London News representation of the torrents of gold needed to feed the war effort Photo: Illustrated London News [London, England], 20 Feb 1915

Dubliners rush to support new War Loan

Dublin, 23 June 1915 - The General Post Office in Dublin was today besieged with people applying to support the war effort by lending the government money under a new War Loan.

More than 300 applicants processed forms before noon. In many cases business and professional men invested large sums of money.

A poster appealing to the people of the United Kingdom to subscribe to the War Loan. (Image: National Library of Ireland)

Spiraling costs

Reports from across Irish banks say that the new loan issue is being viewed very favourably. The loan is being offered at 4.5% to investors. It is repayable at par after 10 years or in full after 30.

The introduction of the new War Loan is a reflection of the spiraling cost of the war. Recent estimates are that the daily expenditure now amounts to some £3 million.

[Editor's note: This is an article from Century Ireland, a fortnightly online newspaper, written from the perspective of a journalist 100 years ago, based on news reports of the time.]

RTÉ

Century Ireland

The Century Ireland project is an online historical newspaper that tells the story of the events of Irish life a century ago.