BRITISH FINANCE.

Lyttelton Times, Volume CXVIII, Issue 18353, 10 March 1920, Page 7

BRITISH FINANCE.

CAMPAIGN FOR ECONOMY. By Telegraph—Pres* Association —Copyright Australian and N.Z. Cablo Association. LONDON, March 4. Lord Peel announced in the House of Lords that the Government intended to reduce the foreign external debt, and to contract no further debt abroad. Ho deprecated gloomy prophecies. The situation was improving, and it could not be described as unsatisfactory. The House of Lords accepted Lord Buckmaster’s motion that the expenditure should be brought within the year’s revenue.

(Received March 9, 5-5 p.m.) The “Daily Mail” has started a postcard economy campaign, by which thousands of housewives’ postcards demanding a reduction in the cost of living are daily delivered to members of the House of Commons. Iho paper claims that the first result was apparent in the debate in the House of Commons on tlfe cost of British representation at the Peace Council at Paris. Colonel Wedgwood estimated it at two millions sterling. Sir Alfred Mond admitted that hotel hills amounted to £200,000 for accommodation only. Heckled about typists’ dresses for dances, bands and champagne, Sir Alfred disclaimed responsibility, and said the Food Ministry supplied tbo champagne. The British Government’s new loan at 3J- per cent is only one third subscribed. The “Daily Mail” attributes the failure partly to public determination to force the Government to stop waste, and the fears of a capital lovy. A White Paper, publishing financial correspondence, reveals that the Governors of the Bank of England urged the Government to restrict future borrowings from the bank. (Imperial News Sorvioe.) (Received March 10, 12.35 a.m.) LONDON, March 8. In the House of Commons, replying to Mr Asquith, Mr Chamberlain stated that the Government did not intend to re-borrow outside the United Kingdom any part of the 250,000,000 dollars required to repay the British half of the Anglo-French loan of five hundred million dollars from the United States, so when the loan was repaid the British external debt would be. reduced by over £50,000,000. The Government would employ in this connection available resources in the United States, supplemented by the shipment of gold. It already had begun to buy Anglo-French bonds at considerably below par