WAR CREDIT OF £150,000,000

Dominion, Volume 8, Issue 2520, 22 July 1915, Page 5

WAR CREDIT OF £150,000,000

STATEMENT IN BRITISH. PARLIAMENT ADVANCES TO ALLIES, PRESENT AND PROSPECTIVE By Telegraph—Pre® s Association-Copyright London, July 20. Mr. Asquith (tho Prime Minister), in the House of Commons, moved for a credit of £150,000,000 to meet war ' expenditure, making a total of £1,012,000,000 sinco tho outbreak of the war. For the first seventeen days of July, said the Prime Minister, the expenditure totalled £54,190,000. The expenditure' during the current year, to July 17, was, roughly, £301,000,000, of which. £241,693,000 was for the Army and Navy, while loans to the Dominions and tho Allies totalled, roughly, £44,000,000. The balance was expended on food supplies and for other purposes. It was estimated that the present vote will last till the end of Au£ust - . , . . "The item 'Advances to Allies' might, said Mr.. Asquith, grow with the adhesion to our cause of States which took no part in the war in the earlier stages." He pointed out that the wording of the clause dealing with loans had been altered to 'authorise expenditure by loans and grants for purposes connected with the war." The clause previously restricted the advances to the Dominions or tho Allies. The Government had purposely eliminated the limitation, and he trusted the House would not ask for details. Tho Government desired wider powers in respect to countries to which advances might possibly be made. . ■ Mr. Asquith intimated that Parliament would reassemble in the middle of September. STRICT WATCH ON WAR EXPENDITURE.' (Rcc, July 21, 10.15 p.m.) London, July 21. Tho House of Commons passed the credit vote of £150,000,000. Mr. Asquith'stressed the point that efforts were being made against wasteful expenditure. Dr. M'Namara (Financial Secretary to the Admiralty) and Mr. H. W. Forster (Financial Secretary to tho War Office), at Mr. Asquith's request, detailed the, methods of the War Office and Admiralty in carefully watching the expenditure. GRAVE DISCUSSION IN HOUSE OP LORDS THE OUTLOOK AFTER THE WAR (Rcc. July 21, 10.15 p.m.) London, July 21. In a discussion in the House of Lords on national expenditure, Lord Lansdowue said that no nation was likely to emerge from the war with unimpaired resources. There would be great financial embarrassment, he might almost say a disaster, which would take all the resources of the civilised world to bear.' He pledged the Government to scrutinise the civil expenditure closely. Lord Cromer said that the only way to rehabilitate the finances of this or any other country was to carry the war to complete victory, which would resuit in the overthrow of Kaiserism and the establishment of a real constitutional Government in Germany. Lord Montagu, in predicting increased taxation, said that the war taxation of 1914-15 had yielded £18,000,000; the estimated war taxation of 1915-16 was £08,000,000, and of 1916-17 £72,000,000.. The Earl of Meath suggested that everyone .receiving over a certain salary should be compelled to acccpt a portion of the War Loan. The Marquis of Crewe said the war would be' in vain if £80,000,000 of defence expenditure wore to be perpetual. Only tho most sanguine expected an immediate 1 reduction, but he hoi>ed the now spirit in Europe would lead to a progressive reduction of the armies of the Powers. He urged personal economy m dutiable articles, such as fruits, BUgar, tea, wine, tobacco, luxuries, silks, motor-cars, and petrol. It was impossible to fix rules for economy, for tho spirit-of the country could not properly be sustained without .some .forms of relaxation and amusement. He did not suggest the closing of cinema theatres. SECOND ITALIAN WAR LOAN • Rome, July 20. The second national war loan of a thousand million lire (about £41,666,000), closed with subscriptions totalling 950 million lire (£39,580,000). Milan underwrote 200 millions (£8,333,000).