THE WAR EFFORT

Otago Daily Times, Issue 24347, 11 July 1940, Page 8

THE WAR EFFORT

E%IL¥ COST TO BRITAIN OVER SEVEN MILLIONS HOUSE "/OF COMMONS VOTE :''."*.-. . r> ,. RUGBY, July 9. ■Asking the House of Commons to approve ,". a)■ . vote of credit for £l,ooo,ooo,obb,ithe Chancellor of the Exchequer (Sir Kingsley Wood) said the previous vote for £700,000,000, Which the House approved on March 13, was approaching exhaustion. ; . ';■;'; The rate of war expenditure dur- ; inc the last four weeks had been just over £7,500,000 a day, of which all but £1,000,000 went to the' navy, the army, and the Air Force. The daily cost of: the fighting: services had risen, Sir Kingsley Wood said, from £1,000,000 to £6,500,000 since '.March.-':, fp'.H-!v -v These-flgures provided real, .tangible evidence of; the ..great and ; rapid; in-. crease being made =in the' British war effort, and represented ■':;: rib" ' mean achievement.. It was impossible, the Chancellor said, to forecast the future rirte of ■■■; expenditure, ' but ■no effort would be 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 other large sums in

respect to social and other services would be added to obtain the total sum of national expenditure. ' The whole expenditure approached no less than £9,500,000 a day. 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 and' cover the widest possible .field. There must be strict curtailment of unnecessary consumption and a continuous flow of savings by, large -nd small investors to the Exchequer. It was imperative to maintain sound financial methods. The country must be ready to make financial sacrifices—not only for the purpose of waging war, but 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 a debate the vote was agreed .to.- , ' .