BRITISH WAR LOAN OF THREE HUNDRED MILLION.
HEAVY INCREASE OF INCOME TAX LIKELY.
WAR CREDIT VOTE OF £225,000,000.
<T?ec<>lvcd November 18, 12.5 a.m.)
London, November 15,
The Government propose an additional war credit vote of £225,000,000 to cover naval, military and other expenditure made necessary through the war up to March 31.
The Evening Standard states that the Government ia about to issue a £300,000,000 war loan at 3j per cent. The loan will be issued at about 95, with varying dates of maturity, the longest being 14 years. If will cover the forthcoming credit vote and Treasury bills issued under the August vote.
The Daily Telegraph says that'an income tax of half-a-crown in the C will he imposed to meet the cost of the war.
During the South African war the total war borrowing of Britain amounted to £159,000,000, raised at a discount of 4.14 per cent. Consols were raised in 1901 and 1902 to the extent of £92,000,000. A war loan of 2% per cent, stock and bonds, redeemable in 1910, was raised in 1900 to the amount of £30,000,000; 2.1 per rent, exchequer bonds were raised in 1900 to the amount of £24.000,000, and Treasury bills, in 1099 and 1900, to £13,000,000.
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Bibliographic details
New Zealand Herald, Volume LI, Issue 15767, 16 November 1914, Page 8
Word Count
205BRITISH WAR LOAN OF THREE HUNDRED MILLION. New Zealand Herald, Volume LI, Issue 15767, 16 November 1914, Page 8
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