Peace Loan Procession
At the end of the First World War, Australia was in desperate need of funds. To combat this, federal Parliament announced the first Peace Loan campaign on 30 July 1919.
Source: National Film and Sound Archive of Australia
Catalogue Reference: NFSA title:124667
Location: Melbourne, Australia
Subject: Peace Loans
The procession seen in this clip took place in Melbourne on 26 August 1919. The route wound through various city streets before the procession stopped outside the Town Hall in Collins Street, where a noon ceremony took place on a specially created dais.
The peace loans aimed to raise £25 million and were managed by the Commonwealth Bank of Australia. A widespread advertising campaign, appealing to patriotic feeling, encouraged Australians to purchase government peace bonds and contribute towards the financial cost of repatriating returned soldiers. Money raised with the purchase of bonds would be paid back with interest by the government.
A third of the total amount (£8 million) was earmarked to be raised from Victoria. Until May 1927, when the Duke and Duchess of York formally opened Parliament House in Canberra, Melbourne was considered the de facto capital of Australia.