STOP PRESS NEWS

Horowhenua Chronicle, 14 August 1916, Page 3

STOP PRESS NEWS

ruis Bay '2 p.m.; | BIUTL6H LuiPlßlS iSOUND. | New iui'k, August '".5. \Llio lion, All Mcivenna, duuing a special iu'ttiTview with the Loudon correspoiii.le.nt of the New i'ork Times, after referring to tiie enormous expenditure involved in the wax, said': "Our position .is ko sound that 11 we were to end the wax in ALwcli, iUIi, preisent talxaiUioii would; provide mot only the whole peace expenditure and interost 011 the National Debt, but ior a slinking fund wiuh which to redeem the debt in leess than forty years, and still allow a surplus which will enable us to iedu'ce taxation. The same impulse which brought young men to the colours, now is helping in the mobilization of wealth and the restriction x)i coubiimpticm. An important part 111 the tiuancial mobilization i» that individuals have greatly helped the Government by willingness to lend America (securities which now' are so groat hit they have entirely relieved me from many fear 6 regarding our a.bility to p ovide exchange to meet expenses in America. \\ e huve kept the value oi the sovereign in New \oxk iat 4 dollars 7(5.1 cents, and I have every hope that this will continue. Compared with this liguie the history of the German mark is pitiable. It has fallen lower and lower and now stands at a disco i lit of nearly 25 per cent. If Germany wants to make cuds meet alter the war. she. will be compelled to double tlio present taxation, which will not be accomplished without a revolution. it is noticeable that the recent boasts of th» Germans that they will meet the huge bill by war indemnities are no longer heard. Unparalleled taxation in Great Britain has been borne without complaint; we have learned that we can do without luxuries, which is the truest tost of patriotism. i cannot be sure whether good or bad times will follow a successful issue of the war but my personal view is that times will not bo J>ad; but the strengthening of our national character will prepare for either event."