FINANCING THE WAR.

Hawera & Normanby Star, Volume LXXVII, Issue LXXVII, 3 August 1918, Page 5

FINANCING THE WAR.

STATEMENT BY CHANCELLOR OF

EXCHEQUER

LONDON, Aug. 1. In the House of Commons, Mr Bonar Law, in moving a vote of credit for £700,000,000, said this large amount was not due to an increase in the rate of expenditure, but simply was dictated by the convenience of Parliament. The Allies now owed the United States £1,402,000,000, compared with £1,332,000,000 at the end of the last financial year, while the Dominions owed the United Kingdom £208,----500,000, compared with £194,000,000, and Russia owed her £313,000,000. France £402,000,000, Italy £313,000,000, and the other Allies £119,000,000. The war irrecoverable expenditure for 104 days had been £547,000,0^0.. or £331,000 daily below the estimate. The recoverable expenditure for the same period was £176,500,000, exceeding the estimate by £307,000 daily.— Reuter.

Mr McKenna, following Mr Bonar Law, said that before America entered the war Britain was paying her about 10,000,000 dollars daily. Now America was meeting the cost of nearly all Britain's and the Allies' purchases. Mr Bonar Law's department was almost wholly engaged in financing Britain. The vote was passed unanimously.