News From England

Taranaki Daily News, 23 June 1915, Page 5

News From England

WEATHER DELAYS NEWS. Received June 23, 12.40 a.m. Sydney, June 22. Sain, hail, and snow in the southern ■districts is delaying war news. THE HOME BUDGET. WAR COSTS THREE MILLION DAILY A LOAN AT 4i/ 3 PER CENT. London, June 21. Mr. McKenna, in the House of Com--mons, delivered the financial statement. Be said the deficit of £518,00a,0J0 had -to be made good by receipts otner than .revenue. The expenditure was nearly i' 3,000,000 daily. He was raking a 'Joan at 4'/i per cent, at par, repayable -in 1945. The Government had thli option to repay in lihsa. The Government \va* not asking for any definite ••mount. It would be open till July 10. he proposed fliat t'lie holders of ihe November war* loan be allowed to

■convert their holdings into new war loan stock, and also the holders of Consols and 2$ and 2J per cent, annuities. ffhe sum of £75 of Consols would be convertible into £SO of the new war loan, and the' annuities would 'be exchangeable in the proportion of £7B ana 4507 respectively for £SO. Subscribers to the loan would be entitled to any .higher rate ol interest that might be iired for future loans. He proposed to / provide for the gale of £o to £ SO bonds through the Post Office. War loan vonohers for 5s or multiples would be on sale at post offices, trade unions, and other offices, with 5 per cent, interest for every complete month until £5 is reached, when it will be exchanged 4or a bond. "Mr. McKenna appealed to the patriotism of the country to use its gigantic financial resources to enable us and our Allies to carry on the war to a suecess■ful issue. In the earlier stages of the war the Bank of England, with a Govternment guarantee, made advances to -accepting houses and others to enable ■them to meet bills and liabilities. This amounted to 120 millions, but the liability had now been reduced to well under SO millions. He now proposed to pay off Vie hank from the surplus of 80 millions.. It would thus leave the bank free to watch over the exchanges and protect the country's gold reserves. We had already issued 235 millions of Treasury bilk. There were two objections to the indefinite issue of bills. Firstly, they had the habit of falling , due when it might be inconvenient to £nd the money: secondly, although the distinction might be fine, we borrowed •the hankers', net the public's, money. ~We wanted the money in a way that ■did not oblige us to repay it during the •course of the war. A loan would give this advantage, and also have the effect -of assisting foreign exchange. Consols bad depreciated almost to the point of unealeability, and the Government was bound to afford relief in the interests of th.e commercial community!. A sudden drop in Consols • would' entail the ruin and bankruptcy of many, and the State was hound to avert this. Received June 22, 10 p.m. London, June 22. Mr. McKenna said the strongest crit'iitisms of the loan were that the terms were too generous. The Government granted to raise money, but did not want people to say they would wait for better terms later. In reference to the Suggestion that he ought to raise'taxation, Mr. McKenna declared it was best to take one step at a time.' If furtber '(arge sums were required there must be further taxation, but the time was not yet., He then moved to amend the resolution in the direction of giving him power •"to cancel Treasury Bills now issued. The resolution and amendment were •*dppted. .Received Juno 22, 5 p.m. London, June 21.' The prospectus of the new ioan has been issued.

AN ATTRACTIVE INVESTMENT. GREAT RECEPTION* OF THE LOAX. Received June 22, 0.1 ."> p.m. London, June 21. Directly Mr. McKenna concluded his speech enormous queues uf cHv men commenced to asscmlile at the Rank of England to await the prospect::-. The general opinion is that the in-, c-lment is the most attractive one of modern times, and particular approval 1- given to the facilities offered 10 -■■-.:;>'.] subscribers. A dozen vans carried conse-m ants of the prospectus to the railway termini fqr distribution in the province . Johnston Urns., orocors. >.'< v- Plymouth, desire the public throne-out Turanaki to know tlia' n" rood < -r.w,'d will be sent promptly t'u-nn"', po<-t or to nearest railway stitVn. Thi . -roccry firm is renowned for tin- fine r.i-ility of their stocks and the. light price-: for cash. J?end for a trial order.

THE DUTY.OF WORKERS.

"WAR CAN ONLY BE WON WITH THEM." Received June 22, 7.40 p.m. London, June 21. The National Union of Raihvaymen's conference, representing 302,000 men, has opened at Nottingham. Mr. Bellamy, the president, stated the war could only be won by the workers and the workshops of the country. TREATMENT OF THE WOUNDED. (Times and Sydney Sun Services.) Received June 22, 5.40 p.m. London, June 21. An experiment in open air\ treatment of wounds at Cambridge proved that the greatest success was obtained with wards wide open to the winds and sun. It is* recognised that it is not the wounds but the germs entering then" which kill. Ten thousand nine hundred and forty-four patients were treated suffering from septic wounds, tetanus, pneumonia, and typhoid from Flanders, and there were only eighty-live death* LAND FOR SOLDIERS. (Times and Sydney Sun Services.) Received June 22, 5.40 p.m. London, June 21. Sir Thomas Sbnughnessy has arrang'ed extensive settlements for "time-expir-ed English soldiers on the Canadian Pacific Company's western lands at the conclusion of the war.

MEAT FOR CIVILIANS. (Times and Sydney Sun Services.) Received June 22, 5.40 p.m. London, June 21. Investigations have revealed that during the war Britain must be largely self-supporting in meat for civilian consumption. Householders will have to be satisfied with three-fifths of the normal quantity.