News from England

Taranaki Daily News, Volume LVII, Issue 214, 17 February 1915, Page 5

News from England

THE CHANCELLOR'S SPEECH. _ ■■ '?- ALLIES POOL THEIR RESOURCES. HELP FOR THE SMALLER STATES. STANDING BY BELGIUM. j L Received 16, 10.50 p.m. "London, February 16. In the House of Commons, Mr Lloyd George was loudly cheered. After emphasising Russia's undeveloped resources he said that suspension of alcohol had increased the productivity of her labour by thirty to fifty per cent. It was as if she had added millions of laborers without increasing the expense of maintaining them. France also had special difficulties. Britishers did not quit.- realhe the strain this! gallant country was undergoing. She had the largest proportion of men under arms, and the enemy was" occupying some of its richest territory, yet the French nation pos•eased wonderful confidence. They Wt j •wared that Germany had lost its tide, j and had no more chance of crushing | "France than of over-running the planet. Mars. There was a number of small I States looking to the greater Allies for financial support. They must sec that | Belgium did not suffer until the period J of restoration and compensation came. Serria was fighting her third war within three years with force, courage, and brilliancy, but .without wealth or revenue from exports or manufactures. Therewere also other JHates preparing for war, and it was obviously in our interest that they should be well equipped. Britain's special difficulties were due to the fact that two-thirds of her food had to be purchased abroad. She had had to create enormous credits. The only thing was for all the Allies to bring all their resources into a common stock. The country with most money must bring it. The collapse of the rebellion in South Africa ensured a large and steady supply of gold. It was arranged at the recent Paris conference that French and Rusaian bankers would assist if Britain's atock fell below a certain point. , Britain's expenditure was due to recruiting her new army, her huge navy, liberal separation allowances, bringing troops from the ends of the earth, and waging war in Europe, Asia, and North and South-east Africa. The Conference discussed the suggest- 1 ion of a joint loan, and concluded that it would have been the very worst way of utilising their resources It would hare frightened every Bourse and attracted none. It was asked if the interest paid would be the interest at which we were able to raise money, -ir the rate that France or Russia could raise money. If we paid a high rate, we could never raise more money at a low rate. Therefore it had been decided that each country should raise money for her own needs in her own market,- but 'Britain, France and Russia would contribute proportionately to every loan of the small States. Later a joint loan Would be floated to cover these advances. The Pari* Conference had also arranged for France to have access to our markets in respect of Treasury bills >.is•ued in France, and initiated arrangements to help to .restore the exchange. In respect to tills held in Britain against Russian merchants, we proposed to accept Russian treasury bills against bills of exchanged due from the Russian G"ernment, which in return would facilitate the export of produce the Allies required. The three days' conference face to face cleared up misconceptions and misunderstandings which would otherwise nav? taken weeks to remove.

itRRITORIALS' FINE RESPONSE. MANY UNITS IN TIIE FinnTINO LINE. OTHERS IX)IN(i CARRISi tN DUT\. "a . Time* an.: Sydney . , . Services. Received Hi. .">.:><! p.m. Ixindon. February lfi. anion? Territorials is brisk. Kijihty per cent, have volantvred for foreign service. Several ••'"' .... , iiL'a.i.'iM in C: ':"M-i.'-ii "lie. ami many others have replacei the rejnilars ir .-.11-0:1 o;.- in Cibr;-.!-tar, Ma'* . I'.irypt. and India. Tli.-> dut 1- '- «f raramour.t importance, tl.i ntrli -tit likely to he eventful, and s tl.e n. n haTc cheerfully left the jrlnry for r.tli.jr New battalions umlert'oinir extcii-he training include many professional im ':. doctors, architects, and engineers. 'jivi;e : tip assured income- to streiijrthen l.r_'lands first "line of defence gainst a p',.ieible raid.