Great Britain

Stratford Evening Post, Volume XXVII, Issue 44, 22 June 1915, Page 5

Great Britain

IMPERIAL FINANCE. NEW WAR LOAN PROPOSALS. (Received 11.15 a.m.) Loudon, Jump 21. Mr .McKenna, iu the House oi Commons, when he delivered tiie Financial Statement, said the deficit of 518 millions had been made good y receipts from other sources than revenue. The expenditure was nearly three million daily, and he was raising a loan at .) r per cent, at par. repayable in 1945, with a Government option to repay in 1925. The Government was not asking for any definite amount, and the loan would be open- till 10th July. It is proposed that the holders of the •November war loan should be allowed to convert their holdings into the new war loan stock, and this also to apply to the holders of Consols and the 2* and 23 per cent, annuities. Five pounds worth of Consols will he convertible into £SO of the new loan, and the annuities will he exchangeable in the proportion of £7B and £67 respectively to £SO. Subscribers to the loan will be entitled to any higher rate of interest that might he fixed for future loans, and it was proposed to provide for the sale of the, £5 to £25 bonds through the Post Office. War Loan vouchers for 5s or multiples thereof will be on sale at the post offices, trade unions, and other offices, with five per cent, interest for every complete month until they reach £5, when they will be exchanged for a bond.

(Received 1.-IO p.m.) London, June 21. Mr McKenna appealed to tlie patriotism of the country to use its gigantic financial resources and enable us and our Allies to carry on the war to a successful issue. In the earlier stages of the war the Bank of England, with the Government guarantee, made advances to accepting houses and others to enable them to meet their hills and liabilities. This amounted to 120 millions, but the liability had now been reduced well under fifty millions. He now proposed to pay off the Bank from the surplus of eighty millions, and it would thus leave the Bank free to watch over the exchanges and protect the country’s gold reserves. BRITISH CASUALTIES. Dnitid Prwm An*r»m*-MO» London, June 21. The casualties announced at the week-end were 4251, of which 1129 are' dead, and include 102 Argylls suffering from gas.