THE WAY TO BANKRUPTCY.

Gisborne Times, Volume XLV, Issue 3976, 8 July 1915, Page 5

THE WAY TO BANKRUPTCY.

EUROPE AND THE WAR. DISCUSSION IN THE LORDS. LONDON, July G. The House of Lords is discussing Lord Middleton’s motion, urging a reduction of civil expenditure'. Lotd Middleton said tlrev had made as little financial preparations for war as military preparation. Lord St. Aldwyn said lie was disapnointed at the civil service estimates. They did not show a great reduction. Out of nearly thirteen hundred millions war expenditure, only sixty-eight millions was being raised by taxation. We were delibeiv ately casting the whole burden of the war on. our successors. It was had policy, unfair to the country, and a disgrace to the present generation. The Government were blameworthy for not proposing additional taxation at the outset of the war. Lord. Haldane said the House was not looking in the face the most formidable fact that they would have to meet these. It would be a different country after the war because it would be a- poorer country and deprived of many advantages which had given it a unique position in commerce and industry. Lord Loreburn said, if wisdom did not come to the councils of Europe they were,going straight to .European bankruptcy in a comparatively shorttune. (Received July 7, 8.10 p.m.) Lord Lansdowne, in the House of Lords, said the financial position was the cause of anxiety before the war, and was now regarded with. the gravest attention. It was not iikely that war expenditure would decrease, and therefore it was imperative that the Government should . not accept now and unnecessary liabilities.