LATE WAR NEWS.

Taranaki Herald, Volume LXIII, Issue 144712, 22 June 1915, Page 7

LATE WAR NEWS.

THE BUDGET. ' OBJECTION TO TREASURY BILLS. LONDON, Juno 21, Wo had already issued 285 millions of Treasury Bills. There were two objections to the indefinite issue of Bills. Firstly, they had tho habit of falling due wlibn it might ho inconvenient to find the money; secondly, although tho distinction might bo fine, wo borrowed tho bankers’, not the public’s money. Wo wanted the money in a way that did not oblige us to repay it during the course of the war. A loan would give this advantage, and also had effect of assisting foreign exchange. Consols had depreciated almost to the point of unsaleability, and tho Government was bound to afford relief in the interests of the commercial community. A sudden drop in consols would entail the ruin and bankruptcy of many, and the State was bound to avert this.