TO THE LAST MAN AND SHILLING

Dominion, Volume 8, Issue 2521, 23 July 1915, Page 5

TO THE LAST MAN AND SHILLING

AUSTRALIA AND THE WAR -FEDERAL PREMIER REVIEWS THE COST ■ : THE BIG WAR LOAN By Telegraph—Press Association—Copyrisht Melbourne, July 22. Mr. Fisher (the Inderal Prime Minister) , in moving the second reading of the War Loan J3ill, said: "We intend to see the matter through to tlio last man and tho last shilling." The estimated".cost of the Commonwealth war services to.Jmio 13,.stated the Prima Minister, was:

Expeditionary Forces, £ Naval 3,399,368 Military 9,469,367 Other, services 135,100 Total £13,003,835 Estimated cost per man prior to cm« barkution, £57; landed in Kgypt, £85. Cost of first issue of clothing and equipment, £23; 1 1 ' "Tho Commonwealth borrowed from the Imperial Government to last December £24,500,000, and also received £12,000,000 on account of the £18,000,000 loan, and £3,700,000 on account of tho additional £6,500,000 loan. Tho sum of £8,900,000 is still to come. "

"Tho Commonwealth lent to the Stjvtes £12,125,000, and has'yet to lend £5,875,000. 'Die position is clear up till next December.

"The* Imperial Government has notified the Commonwealth that it would be very pleased if the Commonwealth could raise tho money to meet the expenditure on its own forces. It is difficult to attempt to reckon the sacrifices tho country must make to meet exprases. Assuming tho war-lasts until the end of the financial year the requirements for war purposes alone will be £40,000,000. Therefore,. I am appealing for a loan of £20,000,000 tc be used for war purposes only. "Tile people have conducted themselves with adiniraUfe courage, and their soldier sons have won the admiration of the world. Tho Government feels that such people will not fall short of expectations, will respond to the. call to duty and gladly provide the 1 sinews, of war so absolutely essential to . success."

(Rec. -July 22, 8.30 p.m.) ■ Melbourne, July 22. Mr. Fisher, in the course of liis 'ospkmation, said that, lie expected that hilly three-fourths of the war expenditure would be spent in Australia, and would be placed over different parts of the year, so as not unduly to disturb thc_ market, ind increase the opportunities for investors. ' The banks agreed to charge neither commission nor exchange in connection with subscriptions to tho loan. Nominally tho amount asked for the first instalment would be fivo millions, but the* full amount subscribed would be "accepted by ths Government.