BRITAIN’S WAR CREDITS

Greymouth Evening Star, 18 June 1942, Page 5

BRITAIN’S WAR CREDITS

ANOTHER THOUSAND MILLION RUGBY, June 17. The Commons voted a supplementary credit of one thousand million sterling for- war expenditure. Sir C Kingsley Wood, moving the vote, said: “In March, 1941, I asked for a thousand million to cairy us through the opening months of the current financial year, and I indicated I would probably find it necessary to approach the House again about the middle of the Preset month. We had issued up to Satui day last;’ £898,000,000 sterling out of the thousand million voted m March, leaving £102,000,000 in hand During recent weeks °P r , war „ ' penditure has been at the rate of ap proximately £4,350,000 weekly, ano at this rate it is apparent the vote will become exhausted next weti. Therefore, I now ask loi a luyhu thousand million, which will on the basis of the present level of expenditure be sufficient to meet oui requirements Until the early part of September, when I shall have to ask the House for a further grant. If it oasses this vote, Parliament will have granted no less than 10,050 million in totes ol credit since the beginning of the war,” approximately, EbO./ou, 000 a week, or £9,750,000 a day th same as three months a S°- <(T , . , The Chancellor went on. ft is iwo years ago since we left behind the actual highest rate of expenditure eff any time on the last wai. In years, our daily expenditure has moro'ised by nearly two millions. Votes of edi wTthorit including the one we are asked for to-day, already exceed the total of those granted inth. last war by some three thousand mil lion. Our total expenditure duim this year has already reached thastronomical figures of 86,000 million, or two thousand million more than the total vote of credit expenditure ini- the last war. This is by tar inc costliest war in history. I need hardly say that this does not dismay m. There will be no faltering in the financial 01 any other sphere. These large sums must be wisely spent, m•ltion must continue to .be avoided, and our resources must De , ca . 1 ’ aiu i^ y husbanded. Savings must be increased. All these are> matte s vffal not only to our present affairs, oui to the strength in, which we shall be able to advance io post-war iccon t thL°ever d yon e l l“w”i n airee th ? l our people havf done splendidly in shouldering heavy burdens. This vote to-day is just another expression of our unanimity in prosecuting * - war and our determination to lea.nothing until victory is aC Mfpei’hick Lawrence said the war in its financial aspect had taught the striking fact that w i is economically possible should not be financially impossible. The seconu conclusion was that, viewing the enormous productive capacity X£ combined resources ol productive machinery altei tnc w should be ample to Provide every inhabitant of the world with all that i. required for a complete hie.