BRITISH WONDROUS FINANCE.

Rangitikei Advocate and Manawatu Argus, Volume XLI, Issue 11646, 14 August 1916, Page 4

BRITISH WONDROUS FINANCE.

CUT AND GOME AGAIN. RESISTANCE OF BRITISH CREDIT. United Press Association—By Elec trie Telegraph—Copyright. Australian—New Zealand Cable As-

sociation. Received Aug. 16, 9 am.. New York, Aug.- 115. Mr McKenna, in the course of a special interview [with the London correspondent of the Now York Times, after referring to tho enormous expenditure involved in wax', said our position was so sound that if we were to end the war by March, 1917, the present taxation would provide -not only the whole peace expenditure -and interest on tlie national debt, but a sinking fund which would redeem the debt in less than forty years, and still allow a sax-plus which would enable ns to reduce taxation. The same impulse which bi-ought the young men to the colour's is now helping in the mobilisation- of wealth and restriction of consumption, the important part of the financial mobilisation. Individuals have greatly helped the Government by their willingness to lend American securities, which are now so great as has entirely relieved me of fears regaining ability to provide exchange and meet expenses In America we have kept the value of the pound in New York to 4 dollars 76 }4 cents. 1 have every hope that this "will continue. Compared with this figru'e the history of the German [mark is pitiable. It has fallen lower and lower and now stands at discount of .nearly 25 per cent. If Gei'many wants to make ends meet after the war she will be compelled, to double the present taxation, which gwill not be accomplished without a x-evolution. It was noticeable that the German recent.boasts that they gwonld meet their huge bill by war indemnities are no-longer heard. Our unparalleled taxation hjid been 'borne without complaint. We bad learned to do without luxuries, which was the truest test of patriotism. “1 cannot,” be said, “be sure whether good or .bad times will follow the successful issue of tl e war. My personal view is that times will not be bad, but, with the strengthening of our national character we shall be prepared for either event.