MR. ASQUITH APPEALS TO THE NATION

Dominion, Volume 8, Issue 2502, 1 July 1915, Page 5

MR. ASQUITH APPEALS TO THE NATION

SUCCESS OF WAR LOAN SECURE PLEACHING THE GOSPEL OF ECONOMY By Telegraph—Press. Association—Copyright . . lL ~ . ' . London, June 29. Air. Asquith, addressing a crowded meeting of city men at the Guildhall, had an enthusiastic reception. The success of the war'loan, as a financial instrument, was absolutely secure, lie said. A hundred rears ago our ancestors had spent £800,000,000 in vindicating the freedom of Europe/ We were likely to spend three millions daily, for months to come, on the -same cauße. Tho daily revenuo from taxation was only three-quarters of a million, hence the urgent necessity for the loan. This was the first great democratic loan; Til® State was appealing .to those whose resources wore most limited to contribute thoir share to meet the supreme national need. A National Movement for Economy. The meeting was also called upon to initiate a national movement in favour of economy. Waste oil the part of either individuals or classes, whioh was always foolish and short-sighted, was nothing short of a national danger at the present time. The annual income of the United Kingdom was between £2,250 - 000,000 and £2,400,000,000, and the expenditure about £2,000,000,000; hence the utmost normal saving was £400,000,000. There were various methods of meeting the cost of the war. It was only possible to borrow infinitesimal amounts abroad, and our power to sell investments property was limited by the power of other countries to bur them. Payment out of gold resorves. could be discarded as impossible, as by it Britain would impair its great system of credit. The only remaining course was to diminish the expenditure. The state of of the trade balance between ourselves and other countries at this moment afforded ground, he did not say for anxiety, but for serious thought. The latest figures showed that our indebtedness to other countries at the end of tho year would reach £260,000,000. We could only teduco this by •reducing our expenditure on tea, tobacco, wine, and petrol. All monov spent on superfluous comforts and luxuries meant the. diversion of cnorgy better employed in tho national interest. Whole Future of Humanity at Stake. ■ Mr. Asquith concluded with a passage of striking eloquence, which aroused the audience to a high pitch of emotion. "It is not," lie said, "merely a questimr of self-preservaticn or of safeguarding against attack the fabric which has' withstood so many storms. There is something larger at stake in this great testing of our people. We have been entrusted with the guardianship of interests and ideals stretching to the confines of our world-spread Empire—ideals which concern the whole future of humanity. "It has to he decided whether right or, force shall dominate humanity, (i roar of cheering.) It is possible to continue a well-fed existence with the consolations of art and literature,' and some conventional typo of religion may be purchased at the sacrifice of all that makes lifo, national and .personal worth living; but we are not going to make that sacrifice. Rather, we will fight to tho last farthing, to the last ouncc of out strength, to tb» mst drop of blood " (Tumultuous applause.) Appeal to the Wage-Earners. Mr. Bonar Law said it would be a great thing if the wage-earners could form thjo habit of laying aside something weekly, and lending it to tho country There ,wa,s a, feeling of'pessimism in the country', biit it was not justified. Ths resources of tho Allies wore far beyond those of the enemy.