BRITISH WAR LOAN

Greymouth Evening Star, 1 July 1915, Page 6

BRITISH WAR LOAN

SUCCESS ASSURED. ABSOLUTE SECURITY. LONDON, June 29. Hon. 11. I(. Asquith, .speaking at a crowded meeting d city men at I lie Uniidhall, Ji id an enthusiastic rec, tifi i i . He raid dial the success id' die Loan •'i* a financial instrument, v. as absolutely secure. A hundred \ean- ago our ancvslors li.-'d spend. £800,003.000 in vindicating tin- freedom of Europe. We were likely to speed £3.000.000 daily lor months to come in the same ca use. ihe daily revenue from (aval ion is £750,000. hence die urgent necessity lor a loan. Ihis was (he first great democratic loa n. I lie Slate was appealing lo . (hose whose resources wen* most limited to eonl rihitlc* (heir share in moeling the sunrente na 1 ional need. Idn* meeting was also called to i-ri-liale a national movement in favour ol economy. Waste on the part of, either indiv* duals or classes which was ;dwa*.. foolish and short sighted, was nothing short of a National danger at the present time . . We _lt ad been entrusted 'with the guardianship of ideals stretching to coitfines of our world spread Empire these ideals concern the whole fut l i rc . . of , humanity., and it has to be decided whether right, or force shall dominate; humanity (roars of cheering) It was possible that well fed cxis (mice with the consolations of art, literature and some conventional type of religion may be purchased at the sacrifice of all that makes life, nation al and personal, worth living, but we were not going to make that sacrifice leather will we right to the last ounce of our strength, and last drop ° ~?. lir blood (tumultuous applause.) he 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. . f| lu're were various methods of meet in'* - the cost of war ft was onlv possible lo borrow infinitesimal amounts abroad, and our power hr sell investments in pronertv was limited bv the pnwtr of other countries oto buy . Payment out of gold reserves could be discarded as impossible, as Britain would impair its great system of credit.

_ rhc onlv remaining course was to diminish, the expenditure of the State The trader balance between ourselves and oilier 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 the year would reach f.zho. rw\ 000, and _ we could onlv 'reduce' t; 1 ..-" s by reducing our expenditure on tea. tobacco, wine and petrol All the money- spent on superfluouscomforts and luxuries meant a diver sion of energy that wold he better employed in the national interest. He; concluded with a passage of striking eloquence, which aroused the audience to a hipfh pitch of emotio"; He said: ft is "not merelv a qim'' : ' of self preservation or safe guarc '- - against attack the fabric which ]>• withstood so rnaiiv storms. There is somethinsr 'larger ■. at stake iti' this resting of our people . Mr A'._ Bomar • T.aMr said that it would be ■' ereat ttiin r> " if the wage- ■ arners could form habit of laving ; ■aside sonietliiti"- wc'V and lending it t(> tl.'C milT'trr.' ' Tlif»i-P -ii-ric , f<*el I inj; of iips;simi«'" i'i the r-ijnpi™ biit .-,' H was 1'"-'+ iu.sH'iorl fov t'l" MncniVrc'fis I of the Allies were: far beyond those of i the enemy. ' i