News From England

Taranaki Daily News, 1 July 1915, Page 6

News From England

WAR LOAN. MONEY FLOWING IN. MK ASQUITH'S CONFIDENCE. London, June 20. The Prudential Insurance Company lias applied for three millions of the war loan. Mr. Asquit'i, at a crowded meeting of City men at the Guildhall, had an •enthusiastic reception. He said that the success of the loan as a. financial instrument was absolutely, secure. A hundred years ago our ancestors had' spent eight hundred millions in vindi-j eating the freedom of Europe. We were' likely to spend three millions daily for some months to come in the same cause. The daily revenue from taxation was three-quarters of a million, hence the urgent necessity for the loan. This wasthe first great democratic loan. The State was appealing to those whose resources were most limited to contribute [ their share in meeting the supreme national need.

The meeting was also called to initiate, a national movement in favor of economy. Waste on the part of either individuals or classes, which is always foolish and shortsighted, was nothing •hort of a national danger at the present time.

Mr. McKenna, in the House of Commons, said that only owners of consols and old war stock can exercise the option to convert.

The annual income of the United Kingdom was between £2,250.000,000 and £2,400,000,000, and the expenditure! was about £2,000,000,000, hence the ut-! most normal saving was £400.000,000. There were various methods of meeting the cost of the war. It was only possible to borrow infinitesimal amounts abroad, and cur power to sell investments in prtperty was limited by the j power of other countries to buy. Pay.ment out of gold reserves could be discarded aa impossible, as by this Britain would impair its great system of credit. The only remaining course was to diminish the expenditure of the State. The trade balance 'between ourselves and other countries at this moment afforded ground, be would not say for anxiety, but for serious thought. (We had been entrusted with the guardianship of interests and ideals stretching to the confines for our world-spread Empire—ideals which concern the whole future of humanity. It has to be decided whether right or force shall dominate humanity. (Roar of cheering.) It is possible fiat a well-fed existence, with consolations in art, literature, and some conventional type of religion, may be purchased at the sacrifice of all that makes life national and personal and worth living, but we w-ere not going- to make that sacrifice. Rather we will light to the last farthing, the last ounce of strength, and the last drop of blood. (Tumultuous applause.) The latest figures showed our indebtedness to other countries at the end of the year would reach £2110,000,000. We could only reduce this by reducing expenditure in tea, tobacco, wine and petrol. All money spent on superfluous comforts and luxuries meant a diversion of energy which would be better employed in the national interest. . Mr. Asquitli concluded with a passage of striking eloquence, which aroused the audience to a high pitch of emotion. He said: "It is not merely a question of self preservation or safeguarding against attack the fabric which has withstood so many storms. There is something larger at stake in this great testing of our people." Mr. Bonar Law said it would be a great thing if wage-earners could form the habit of laying aside something weekly and lending it to the country. There was a feeling of pessimism in the country, but it was not justified. The resources of the Allies were far beyond those of the enemy. THE BILL IN COMMITTEE. Received -June ".<;. 1<V.:.1 p.m. London. June SO. In the Kiiiaw- Bill, in committee, Mr. McKenna seemed the insertion of :i m",v clause relicvinir as-urnmv cmu'ianm- o: a tax on incomes accruing I "min foreign investments which had not been brought to England. SUPPLY OF M : , iV .!T!ONS. . big intreas'- since att;c-t. the nri'Y or y'ij'Myers. (Times and Sydney San Service-., Received June ; '■ T p.m. In the iuuii'ii'ns .[:.>:-.,■ Mr. Hon-:•>-. said that Mr. Lira! George alone hsid courage'to iE-'-vi-" i'>- fim'.h, \.o« 1,,. feared Mr. I.b>v.! ■ ■•• ■?::■' :■■<■' rot •;.-- closed ;ill. V\,. c,,.-.. '...■■■:■■<>■■);. i !,d shamefully -"n r; >■■'•■ . ; m:■ option shell-', a:: : |: m ■ •■ • -a-. ' -'■> was too stri: ■ ' ■'■ ■ ;al"-v '' l^ kept in s'u'.m-f. I >": | :'- , i f " ■- - -1" ■«- i. ,,, e facts of the ,-.:- . ';■!, ' ■ '•''•-'."■':'■ '"'' most i!e-'' •■■ ..,•!':■' '■ .:!"■••' ation. Mr. Jio'': . .-■ '■' :■' •■ - : -a■!■■•! not de~p i-'i . "" ; "- : ''< ' ' ,: ' ' '' '■"■- creased' t'vo ' ••-■ "■• ' '' a'. ■■■''■ ■■• August. v ■'' ■ ■ ■ ' ■ ' ' '■ ,; - HCi'e-='i'i . ••■•.. sulVa-ie:.'. ■•

the war were unthinkable, but nevertheless the increased cost of living had necessitated increased wage*. The sacrifice of the principles of trades unionism was a trifle compared to the sacrifices of the gallant men in the trenches. Now ' the workers realised the situation thev would make a supreme effort to push on munitions. They would rather give up everything than allow the Germans to be successful.

Mr. Snowden protested against trades unionism forfeiting its rights. Mr. O'Grady said the time had passed for academic details of trades unionists. He had received numerous letters from the trenches appealing to the workers to sacrifice their rules to enalile the troops to have a fair show. PROGRESS OF THE BILL.

Received July I, 12.25 a.m. London, June 30. Mr. Lloyd George introduced a clause in the Munitions Bill restricting compulsory arbitration to disputes interfering with the manufacture and transport of munitions, also restoring trade union regulations after the war and providing compulsory arbitration for a year afterwards as to little disputes connected wich the restoration.

The South Wales miners are not inclined to come under the Bill, but arc prepared to do voluntarily all that is required and to prevent strikes. Mr. Lloyd George is prepared to exempt them liy a special clause.

WELDING THE EMPIRE. POSITION OF THE DOMINIONS. Times and .Sydney Sun Services. Received June 30, 7 p.m. London, June 20. The Times, in a leader, refers to Australasia's noble efforts in the war, and suggests the time is opportune to carry out the. proposal for a meeting of Imperial representatives in London to lay the foundation of the reorganisation of Imperial effort for war purposes. Britain has so far taken everything from the dominions, repaying only verbal thanks. The Times hopes the new Government will not allow this reproach to accrue. It is necessary to grasp the fact that it is advisable to weld the whole Empire for war purposes.

EXPANSION OF THE NAVY. Received June .30, 11.20 p.m. London, June 30. The House of Commons has adopted the vote for fifty thousand additional men for the navy. Mr. Maenamara explained that the men were not required for immediate needs, but wen' merely precautionary. No difficulty had been experienced in meeting the expansion of the fleet.

LOSSES OF BELLIGERENTS'. London, June 20. Gn a conservative estimate the losses of the various belligerents to date are six million men, dead, wounded find prisoners, and over 500 ships, including 120 war vessels. OVERSEAS ('OXFEREXOE ADVOCATED. London. June 20. The Times is again urging the Government to hold an oversees conference.