NEW BRITISH WAR CREDIT VOTE

Dominion, Volume 11, Issue 69, 14 December 1917, Page 7

NEW BRITISH WAR CREDIT VOTE

£550,000,000 ASKED FOR

YEAR'S WAR BILL TOTALS £2,450,000,000

• (Rec. December 13, 8 p.m.) London, Dccomber 13. Mr. Bouar Law, Chancellor of tho Exchequer, in moving in the House of Commons tho new vote of credit for £550,000,000, said that it was estimated that the £400,000,000 voted on October 30 would cover tho expenditure until January 9. Tho new vote would bring tho total for the year to £2,450,000,000. The average daily expenditure during the sixty-thrco days preceding December 1 was £6,694,000, which oxceded tho Budget estimato by £1,383,000 per daj The total excess expenditure over tho Budget estimate was £309,000,000, but £225,000,000 of that amount was recoverable, therefore tho excess of daily expenditure was £350,000. The causes of tho increased Army expenditure were the inereaso in Oho aviation programme, the largo liumbor of Indian troops employed in Mesopotamia, and tho advanco of the armies in Franco and Palestine. The estimates of the advances to the Dominions had not been exceeded. Referring to Russia, tho Chancellor said that no State had over entirely repudiated its debts. Ho believed that a responsible Government would ultimately bo established in Russia, and that sooner or later those debts would be recoverablo. Tho Chancellor added that tliero would be additional taxation if the war lasted until the next financial year. He lioped it would bo possible to remove some of tho taxation when peace camo. Any attempt to pay tho whole cost of the war by taxation or by a levy on capital would break down the country's finance. The vote of credit was carried. —Aus.N.Z. Cable Assn.-Reuter. [In introducing the last credit voto on October 30, Mr. Bonar Law stated that the daily expenditure was then £6,648,000 per day. The total of tho sixteen credit votes- since the war began,is now £6,242,000,000.]