WAR FINANCE.

Taihape Daily Times, Volume 7, Issue 348, 4 December 1915, Page 7

WAR FINANCE.

need for economy, five millions a day. COUNTRY ’S GREAT SACRIFICES. THE SHARE OF CAPITAL. AN APPEAL TO LABOUR.

LONDON, Dee, a Economy by the sacrifice of all non-essentials was the keynote tf a f nC speech delivered by Mr. Asquith vo the conference of labour delegates. Seven hundred delegates were present. and those on the platform included Colonel Ward and other khakiclad members of the House of Commons. Mr. Arthur Henderson presided. The lata 1 delegates, who have a great affection for Mr. Asquith, rose up and greeted him with a remarkable demonstration When he entered the had. The Prime Minister, in calm, faJ Pre^nm speech, analysed the finances in striking phrases.

“We are within meaurable reach of spending five millions a day,” he said. “Our naval and military expenditure and financing the Empire and the Allies since the war beo-an totalled £1,(562,000,000. Those figures are absolutely unexampled in the history of this or any other country.” PROFITS AND THE STATE.' Mr. Asquith emphasised the enormous sacrifices of tlie war, but he was sure that the burden of all classes would bo gladly and joyfully borne. Any excess either of profits or wages which was not returned to the State, in loans, taxes, or was not employed on necessary industries or public services was so much loss of national revenue and resources, and »therefore so much injury to the national cause, and he laid down that proposition both in regard to profits and to the earnings of the working classes. The income tax had been, thrice multiplied, the supertax largely increased, and an excess profits "tax imposed. The Government urged trade union leaders to prevent anything in the nature of a general demand tor an advance in wages. The Government had done much to make' the profits or earnings or capital contribute, its share to the prosecution of the war. The dogates listened in silence ’ ml L:use interest when the Prince Minister cieAt vrFli wages. Accord"T tb - Lftgfc '•aUraatcs, he said, 4i cf work-psoplo have obtained

since tho outset of the war an average rise of 3/6 a week in wages. They represented only one-thircl of the workers. A large number of other trades have also received advances in wages, though the earnings of cotton, building, and other trades had been soemwhat prejudiced. INCREASED COST OF LIVING. On the other hand, there had been the folloiwng substantial increases in the cost of living: Food 40 per cent., rent 2 per cent., fuel and light 25 per cent., clothing 20 per cent., miscellaneous 15 per' cent., and general increase in the cost of living 30 per cent. There were urdhprt?bhy very large areas whore, after allowances had been made for the increase in the cost of living, wage-earners were substantially better off than before the war. (Murmurs of dissent. The Government asked the labour leaders' help in securing that all classes, contributed so nobly its flesh and b?oor, would in tho same spirit of patriotism and self-sacrifice be prepared to deal with the question cf wages and contribute their share. Mr. Asquith concluded: 1 ' Our task is one —the common interest and upon tho successful prosecution of that* task to complete achievement economic fortunes, honour, and national life of tho country depend.” (Loud cheers.)