NOTES FROM LONDON.

Taranaki Herald, Volume LXIII, Issue 144712, 22 June 1915, Page 3

NOTES FROM LONDON.

THE BRITISH BUDGET. A NEW LOAN.' FOR SALE IN POPULAR AMOUNTS ■T EI/ECTKIO TELEGRAPH.—COPYRIGHT. ■ (Received June 22, 11.15 a.m.) LONDON, June 21. MivM'Kenna, in the House of Com-ptons,-delivered the financial statement. Henaid the-deficit of £518,000,000 had to* be made good by receipts other than the revenue. , The expenditure was nearly £3,000,000 daily. He was raising a loan at 4J per cent, at par, repayable in 1945. The Government had the option to repay in 1925. The Government was not asking tor any definite amount. It would be open till .Inly 10. He- proposed than the holders ot the November war loan be allowed to convert their holdings into new war loan stock, and also the holders of Consols and 2J" and 2i per cent, annuities. The sum of £75 of Consols would be convertible into £SO of the new loan, and the annuities would be exchangeable in the proportion of £7B and £67 respectively for £SO. Subscribers to the loan would be entitled to any higher rate of interest that might be fixed for * future loans. He proposed to provide for the sale of £5 to £25 bonds through the Boat Office. War loan vouchers for 5s .or multiples will be on sale at post offices, trade unions, and other offices, with 6 per cent, interest for every complete month until £5 is reached, when « will be exchanged for a bond. Mr. M‘Keen a appealed to the patriotism of the country to use its gigantic financial resources to enable us and our Allies to carry on the war to a successful issue. In the earlier stages of the war the Bank of England, with a Government guarantee, made advances to aCceptingnouses and others to enable them to meet hills and liabilities. This amounted to 120 millions, but the liability had now been reduced to well under 50 millions. He now proposed to pay off the bank from the surplus of 80 nalEons. It would thus leave the bank free to watch over the exchanges and ■■protect the country’s gold reserves. LIST' OF CASUALTIES. LONDON, Juno.2l. The-casualiies announced at the weekend were 4251. of which 1129 are dead, and'include. 102 Axgylls suffering from gas, Mr. Asquith announced that the naval losses till the end of May were : Officers.—Killed, 50; wounded, 85; missing, 49. Men. —Killed, 483; woanded, 1862; missing, 2512, including 1444 interned. DEMONSTRATION LISBON OF FRIENDSHIP FOR ALLIES. (Received June 22, 9.30 a.m.) LISBON, June 21. A»procession of ten thousand, with banners and hands, made a cordial monstration before the legations of the seven allied nations. There tremendous enthusiasm.