PROSPECTS OF VICTORY

Bay of Plenty Beacon, Volume 2, Issue 144, 8 April 1940, Page 4

PROSPECTS OF VICTORY

IT is not the longest sword that conquers, but the longest purse —and Lord Beaverbrook in a recent biochure sets out to prove that the resources of the British Empire are a.mple for the war campaign 'in which we are involved. "There is every hope" he says, '"that from the war the Empire will emerge so strong in raw materials, so rich in animal, vegetable and mineral assets that it should afford a future bright with the prospect of happiness and contentment of our people." The war on the other hand 'is costing much more than on the last occasion. At this stage in the foimer struggle the war cost us about £3 millions a day, as against £6 millions a day now. The expenditure of the French was then £21 millions a day, as against £4-i- millions a day in this war. Now, .why is it that the war costs twice a.s much as it did last time? The answer is a simple one. The pay of soldiers and sailors is a bigger litem of expenditure. Battleships cost twice as much to build. The Air Force has been added to our war services. Against this however the vast resources of the French and British Empires make an adequate credit balance. There are the gold resources, amounting as under: — Britain '' £500,000,000 France 750,000,000 Canada S 4 - 000 " 000 Other British and French countries . . 130,000,000 A total of £1,434,000,000 Then there are the Cash Balances standing to the credit of Britain,- France and Canada in the United States. These amount to £317,000,000, of which Britain holds about onehalf. Liquid securities possessed by the three stand at a figure of £355,000,000. And the non-liquid securities owned by Britain, France and Canada can be reckoned at a total of £385,000,000. So the total resources of the Allies, which would be available for purchases in the .United States, amount, if the Canadian resources are included, to a total of about £2490 millions. Again, while it was necessary during the last war to obtain the bulk of the raw materials required from America ((including wheat valued at £200,000,000) the Empire to-day can supply 90 per cent of the war commodities and produce for home consumption. To meet the new demand comparative Empire figures will be interGSting 1913 1939 Year Year Tons Tons Nickel 22,500 102,000 Copper 94 ' 000 600,000 Bauxite (aluminium ore) .. .. 25,000 400,000 Rubber • • 46,000 600,000 Cocoa 90,000 415,,,00.0 The position w 7 ith regard to oil is different. The Empire production is six million tons. Under the control of the Empire's a production amounting to perhaps 25 million tons. The Empire production is about the same is relation to total world output as it was in 1914. But we derive benefit from the 25 million tons produced outside the Empire with our money. It will be seen, then, that the stiength of Britain, Canada and the rest of the Empire is so great that it seems impossible that we can in the long run suffer de feat. In fact, on economic issues the triumph of the Empire is assured.