BRITAIN IN THE WAR OF EXHAUSTOIN

Dominion, Volume 9, Issue 2630, 27 November 1915, Page 5

BRITAIN IN THE WAR OF EXHAUSTOIN

STRONG FINANCIAL POSITION OPTIMISM OF CHANCELLOR OF THE EXCHEQUE By Megrapl—Press Association—Copyright .(Rec. November 26, 6.20 p.m.) • Londoni November 25.. J[r. Reginald M'Kenna, Chancellor of the Exchequer, interviewed by the Now York "Tribune," takes the most hopeful view of the situation, stressing the splendid, financial position of Britain in tho war of exhaustion. The financial efforts of tho country ho regards as one of the main factors of success, and long before British money runs short the supply of German men will be oxliausted. Tho reserve German man power that Germany is not calling up consists of men over 45 and under 19. The permanent wastage of German soldiers is two hundred thousand per month. How -are we bearing the' financial burdens alone among the combatant nations in the heat of an unprecedented war? Wo have imposed new taxation of a hundred millions, affeoting all classes, and yet tho proposals have been welcomed in,every quarter. Continuing, he said: "We have now the unparalleled revenue of 370 millions from taxes alone. After fifteen months of war the gold market ia free, and every scrap of paper issued by the Government can be exchanged for gold at the Bank of England. Germ any,'s system admits of no taxation now, and she can provide no means of meeting the enormous liabilities inourred by the free issue of paper and the accumulation of forced internal loans. Her only hope is the exaction of an indemnity. But her enemies can never bo defeated, and such liabilities must lead to national repudiation or bankruptcy. Wo must maintain our exports, for we depend on that trado, and pay for our imports by such means." "I am absolutely convinced that victory for the Allies is assured." GREAT RUSH FOR THE NEW FRENCH WAR LOAN "THIS THROUGH JOUR EFFORTS WILL' BE A LOAN OE VICTORY." (Rec. November 26, 11.45 p.m.)' Paris, November 26. There ie a great rush to subscribe for the new War Loan, subscriptions for which opened to-day. Crowds gathered at the Bank of Franco all day long, although subscriptions are receivable for three weeks. General Joffre's Order of the Day appeals to the troops to write home urging their relatives and friends to subscribe, and adds: "After 1870 wo issued S liberation loan;/this, through yotrr efforts, will be a loan of victory.