Great Britain

Stratford Evening Post, Volume XXV, Issue 276, 19 November 1914, Page 5

Great Britain

HELPING OUR ALLIES. Times and Sydney Sun Sebviom. (Received 8 a.m.) London, November 18. Mr Asquith stated that it was not proposed to charge Belgium and Servia interest on their loans. They would see how to deal with the matter at the end of the war. Besides twenty million drachmae raised in Paris, England had advanced the Greek Government forty million drachmae for the payment for warships to be constructed in Britain. (The English value of the drachma is 9*d). THE BRITISH WAR LOAN. Times and Sydney Sun Sebviom. (Received 8 a.m.) London, November 18. A conference of bankers decided on the terms of the war loan. The

Treasury expect to take from 3$ per cent. The price of issue and redemption has been fixed in order to yield four per cent. RECEPTION BY THE PUBLIC. United Press Association. (Received 10.40 a.m.) London, November 18. There is great public demand for prospectuses of the war load, but there is no rush, as copies are obtainable at every bank and money order office. The principal banks subscribed one hundred millions, irrespective of their customers

ENORMOUS ARMIES.

FIVE AND A HALF MILLIONS IN THE EAST.

Times and Sydney Sun Services. (Received 8 a.m.) London, November 18. The Times' correspondent estimates that the Germans' three armies and the Austrians' three armies in the eastern theatre total two millions and the Russians' seven armies 3£ millions.

WITHOUT FOUNDATION.

ALLEGED SIEGE OF VERDUN.

Times and Sydney Sun Services. (Received 8 a.m.) London, November 18. A Paris report says that the socalled siege of Verdun, reported from Berlin, is entirely without foundation.

THE BANK OF ENGLAND AND THE WAR LOAN.

United Press Association. . (Received 8.45 a.m.) London, November 18. The Bank of England has agreed till March, 1918, to lend on the war loan at the price of issue without margin at one per cent under the bank rate. This means the stock will not fall below 95. , BRITAIN'S WAR BUDGET. London, November 17. i Mr Lloyd-George estimated the year's expenditure at £206,924,000, in addition to £328,443,000 for war expenditure, the probable deficiency being £339,571,000. The first year of the war would cost at least £500,000,000. The largest sum Britain had previously spent on war in a single year was £71,000,000. The beer duty would be increased a half-penny per half-pint, the tea duty would be increased by 3d per lb., but there would be no extra whisky tax. The British expenditure was higher in proportion than that of any other country. Already they had at least two million men under arms, and he confidently anticipated that there would be three millions in a. few months. The separation allowances alone would then cost £65,000,000 annually. During the war industries would be enormously occupied, and the country would then have to face the most serious industrial situation it was ever confronted with, as it will have'exhausted an. enormous amount of the world's capital, and our purchases at Home and abroad will be crippled. It was, therefore, desirable to raise as much taxation as possible during the time of trade inflation, but the Government would not levy any taxation which, would interfere with any productive industry. "We are," said the Chancellor of the Exchequer, "fighting an enemy which, unless subjected to a smashing defeat, will not submit to terms which we would prudently accept." Ho hoped tke chief result of the war would be an all-round reduction of armaments.

The tea. duty would produce £32,000,000 next year, and beer £17,000,000. The country's income at present was £2.300,000.000, whereas in Napoleonic times it was only £250,000,000. If we rose to the heroic level of our ancestors now, we should he raising £700,000,000 annually. Mr Lloyd-George was generally cheered in his speech, and the resolution imposing the duties wa.s carried. The newspapers generally approve of the war budget, the burden heing well spread.