THE NATIONAL PURSE

Dominion, Volume 8, Issue 2514, 15 July 1915, Page 5

THE NATIONAL PURSE

£570,000,000 SUBSCRIBED TO THE WAR LOAN GREAT RESPONSE BY ALL CLASSES ; By Telegraph—Press Association—Copyright London, July 13. Mr.'M'Keiuia.,_ Chancellor of the Exchequer, stated in the House of_Com•mons .that £570,000,000 liad been subscribed for the war loan,, apart from converted stock. The speaker protested against the exaggerated estimates of: the war loan by some newspapers. Tlio Government had not- expected artd had not desired subscriptions totalling £700,000,000. .If thero had been-.4 a ' likelihood of £800,000,000 the Government wouldhave closed the list 1 as an unnecessary disturbance of business. There were 550,000 subscribers the Bank of England, totalling £570,000,000, apart from 547,000 through , the ' Post Office, totalling! £15,000,000, and apart from vouchors Bold. . "I. cannot , speak without emotionssaid the Chancellor, "of the efforts made by every class to scrape together its resources. You must remember :tliat the markets are practically closed the sale >of all securities. Thousands would have been willing ..to:"sell their ' securities, but there were •no buyers. The result of .the loan" was_ a declaration, .to enemies.,-; of- the: .'Allies, that the United Kingdom will -be>faithM to : its trust." . -