OPTIMISM IN BRITAIN.

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

OPTIMISM IN BRITAIN.

ON DURATION OF WAR. ' ECONOMIC WAR TO FOLLOW. ALLIES' ENORMOUS RESERVES AND RESOURCES. London, Rebruary 15. A wave of optimism is spreading in England regarding the duration of the war. A few months ago the prevailing opinion was based on Lord Kitchener's estimate of three years. Nowadays all sections of the paople speak of a finish by the autumn. The Daily Mail, in a leader, warns against optimism, and maintains that, far from there being a. financial and economic collapse in Germany, Berlin is probably making-a deliberate effort io readjust its ideas from a short to a long war. O n the other hand, big banking authorities hold that a n economic war will inevitably follow tile military war Russian markets wi(J in future be closed to Germany in favour of the trade of France. Belgium and Holland. This will mean to Germany an annual loss of sixtv-tive million sterling. Mr"Lloyd George, in the House of Commons, said that the expenditure of the Allies to the end of .1015 would'be 2000 .millions. ' Britain wou'd probablv spend "from ICO to 150 millions more'than France Russia, but France bore the • greatest strain proportional" to her resources. Britain was able to finance th" war for five years rut of-the proceeds of her investments abroad, France for about 21 veaTs with something to spare. but Russia, though prodigiously rich ni • resources, was a borrowing " country, therefore Britain and France had given guarantees to help prosecute the war. Mr Lloyd George. Baid that Britain hadjidvaneed 32 millions to the Russians for purchases i n Britain, given her credit for 40 millions, also made advances to Russia and France in respect of purchases in France. It was estimated that Russia would require to make' large purchases outside, but she j would be able to export wheat largely, and France and Britain had decided to raise the first loan of 50 millions in their respective markets to satisfy Russia's requirements. Our gold accumulations were the largest in the country's hjstory, while France and Russia had great gold reserves which had been barely touched since the outbreak of the war.

Mr Lloyd George said that the Allies had only one-third of their strength in the field. The remainder would be sent forward at the earliest moment. •» The Hon. N. Primrose, Parliamentary Under-Secretary for Foreign Affairs, in reply to a question, said it had been arranged with Germany "to exchange civilians over 55 years." USELESS RISKS. ESCAPING OFFICERS RE-TAKEN. Times and Sydney Sun Services.. Received 16. 5.15 p.m. London, February 10. Second-Lieutenant Gore-Browne, of the Field Artillery, and Lieutenant Gillespie. of the Gordon Highlanders, who were prisoners, jumped off the wall of a fortress fifty feet. Browne's leg was brokin, but Gillespie was unhurt and regained his friend. Both were recaptured. RUSSIAN LOAN OVER-SUBSCRIBE A Received 16, 8.50 p.m. London, Febroary Hi. The Russian Treasury bills were largely over-subscribed.