BRITAIN'S MARVELLOUS FINANCE.

Wanganui Chronicle, Volume LX, Issue 16824, 27 November 1916, Page 5

BRITAIN'S MARVELLOUS FINANCE.

LONDON, November. 24

In an interview on the financial position, the Hon. , Thomas MeKinnon Wood' (Secretary for Scotland) said that Britain had followed a |jolicy of openness, and Germany largely one of concealment. Herr Helfferich's last-Budget was admittedly a bogus Budget in which the war income and expenditure were not stated. The British expenditure had been clearly published, and will probably amount, from the beginning of August, 1914, to the end of-March, 1917, to 3883 millions, including large advances to the Allies and Dominions, repayable after the war. F^r national reasons they would be proud that Britain had borne the burden with cheerfulness and goodwill, betokening the stern determination of the whole of the people. Since the beginning of the war we had raised in taxation 1001 millions. The Germans, contrariwise, had gambled upon the expectation of huge indemnities from their conquered enemies, and the success of its loans was largely due to paper money, which Germany itself had created. This method can be repeated indefinitely. True, Germany had borrowed wholely domestically, but the British borrowings from the United States were very small'and intended only to maintain exchange. The foreign Exchanges reflect the judgment of the world upon the financial positions of Germany and Britain. When peace comes Germany will have to face enormous difficulties, and German financial writers fully recognise this.