BRITISH WAR LOAN.

Poverty Bay Herald, Volume XLII, Issue 13717, 22 June 1915, Page 6

BRITISH WAR LOAN.

FINANCIAL PROPOSALS EXPLALNED. (Press Assn.— By Telegraph— Copyright:) (Received Jiine' 22, 2.15 p.m.) LONDON, June 21. Mr, McKeiina, continuing his Financial Statement, said we had already issued 235 millions of Treasury bills. There were two objections to the indefinite issue of bills. Firstly they had. the habit of falling due' when it might be inconvenient to find the money, and secondly, although the distinction might be ; fine, we had .borrowed the bankers' and not the public's money. \Ye wanted money m, a wav that* did iiot, oblige us to repay during the course of • the war. The loan would give this advantage. It also had the effect. of assisting foreign exchange. Consols had depreciated almost to a point of nhsaJaeability. The Government was bound to afford relief m tlir interests of the commercial' community. A sudden drop of consols would entail ruin and bankruptcy of many. The State was bound to avert this. {Received June 22, ,3.15 p.m.) LONDON.. June 21. Mr McKenna, continuing, said the Government .thought ib prudent not to . fix the amount Of the loan. He reminded the people that every effort made was not only necesarytb carry on the war but to bear fruij' enabling us to maintain our financial preeminence when the war w-is over. However long the war lasted there is a future and he did not want to see it crippled by neglect ot prudence and' economy. He who subscribed now would be doing an act , of mercy and benefit to himself and the ' country. He who saved to subscribe j would be better able to bear the strain after the war. (Cheers). If were all converted, that would mean the application of at least four hundred millions. The j new loan methods of issue hac been "arranged to meet every class and every purse. He hoped that all would tiurwi.i <!u*su>miu'yy ex^i..dn,ui'e and subscribe to the loan. ■-'■' ' ,