from 1500 to 2000 millions in annual interest. This was the precedent, to which Mr. Gladstone appealed during the Crimean War, and Sir. Lloyd George read his words again.
Looking Forward. The Chancellor reviewed the future. For four or five years he anticipates a certain "inflated prosperity." About four-fifths of the war expenditure is distributed in this country. The reconstruction of Europe will tax severely all tho manufacturing resources of Great Britain. There will be no competition in neutral markets save from the United States.
'But," added 1 Mr. Lloyd George, gravely, "when that period is over there will be a grave industrial situation. Capital will be exhausted, purchasers will be crippled. The only compensation will be a reduction in the cost of armaments, without which the war will have failed." It was a notable sentence, cheered not only by Liberals but also by Conservatives, including especially Mr. Bonar Law. On the duration of the war Mr. Lloyd George proved himself as cautious a' prophet as Sir: Asquith. • ' Accidents may shorten- it," said he—then, more gravely, "and accidents may lengthen it. We ha/ve a toughenemy, who cannot give in on any terms that we can accept without a smashing defeat." A Chancellor of the Exchequer must therefore assume "a longer period" than the average anticipation.' He made a great appeal to the spirit of sacrifice in the nation, quoting Russia's horoio "self-abnegation" in prohibiting the sale of liquor. The reference drew. a long cheer. He compared the happy position "of Great Britain with that of Germany— with all her oversea trade stopped and. nine-tenths of her trade by land. Yet he was 'evidently,a little nervous aboutthe reception of his proposals.' "I am," said he, "the least picturesque aild most perilous of all'the oombatants—a coalheaver on the battleship, cursed by everybody as a nuisance." -
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Dominion, Volume 8, Issue 2351, 6 January 1915, Page 6
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303Untitled Dominion, Volume 8, Issue 2351, 6 January 1915, Page 6
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