HUGE FIGURES

Hokitika Guardian, 11 July 1940, Page 6

HUGE FIGURES

BRITAIN’S WAR OUTLAY

(Per British Official Wireless.)

RUGBY, July 9

Asking the Commons to approve of credit tor 1000 million pounds, the Chancellor of the Exchequer said.that the previous vote for 700 millions, which the House approved on March 13th., was approaching exhaustion. The rate of war expenditure during the last four weeks had been just over £7,500,000 daily, of which all 'but £1,000,000 went to the Navy, Army and Air Force. The remaining £1,000,000 was spent on war services. The daily cost of the fighting services bad risen, Sir Kingsley Wood said, from £4,000,000 to £6,500,000 since March. Those figures provided real and tangible evidence of the great and rapid increase being made in the British war effort, and they represented no mean achievement.

It was impossible, the Chancellor said, to forecast the future rate of expenditure, but no effort would he spared in money or any other way until victory was achieved. Every step would be taken to attain that object. The vote now requested was for war purposes only, but there were other large sums of national expenditure. The whole expenditure approached no less than £9,500,000 daily.

The gap between revenue and expenditure was widening. A further contribution from taxation towards the cost of the war must be made soon, and must be the very highest possible, to cover the widest- possible field. There must be strict curtailment of unnecessary consumption, and a continuous flow of savings by large and small investors to the Exchequer. It was imperative to maintain sound financial sacrifices, not only for the purposes of waging the war, but also so that, at the end, Britain might emerge so financially strong as to ensure a reasonable prospect of decent

conditions and tolerable lives for her citizens.

After the debate, the vote was agreed to.