The Daily News. FRIDAY, APRIL 7, 1916. BRITAIN'S WAR BUDGET.

Taranaki Daily News, 7 April 1916, Page 4

The Daily News. FRIDAY, APRIL 7, 1916. BRITAIN'S WAR BUDGET.

Now that the details of the British Budget for 1910-17 are available, the colossal dimensions of its figures cannot fail to strike even the casual reader of the world's news, Never lias the Finance Minister of any nation had to frame n Budget of such magnitude, and ordinary people of limited Jieans may well feel lost in the maz.; of millions which represent tlie estimated revenue and expenditure of Great Britain for the coming financial year. By ti:U time the people of the Homeland 'iavo become accustomed to the burden of tlie war, and never hag a nation so williiisf'y and uncomplainingly shouldered a like ourden. It ia profoundly to be hoped that never again will such immense sacrifices be needed of a united and freedom-loving nation. The spirit exhibited by the people of the Motherland in connection with the burden of the war is preeminently characteristic of the British, for when they set out to perform a gigantic task they put forth all their strength, all their resources, .md all tlieii intellectual powers in the accomplishment of their object, not counting the cost, but pressing on with dogged courage and determination until the goal is reached. It will be seen that the Chancellor of the Exchequer (Mr. Reginald McKenna) in his Budget assumes that the war will last through the whole of the coming financial year, and the revenue and expenditure have been estimated accordingly. Last year the financial position worked out as follows: Expenditure, £1,559,000,000; revenue, £336,767,000; loans, etc., £222,233,000. This year it is proposed to raise tlie revenue to £509,000,000, of which permanent taxation is expected to provide £423,000,000, leaving a. deficit of £1,323,000,000, exclusive of £79,000,000 for interest and sinking funds, an increase of '5160,000,000 oyer the af )wt

year. The immense wealth of the country can be realised by the fact that it is hoped to raiso £509,000,000 by taxation, and as estimates are generally exceeded the actual amount received will probably be inucli greater. Britain's total war indebtedness lias reached £2,140,000,0 X>i ci' which the Allies and Dominions received £368,000,000, all of which, it may fairly be assumed, will 'be repaid. The one great feature of Britain's policy in relation to war finance i« thali her credit is maintained by reason of the fact that the taxation imposed suffices to provide interest and sinking funds tor every penny borrowed. What a contrast to the .policy of Germany, where mere paper acknowledgments are given for loans, and no provision made for interest or redemption! In the face of Mr. McKenn&'s Budget there should no longer remain a vestige of Illusion in Gorman minds as to Britain's ability and determination 'to see the war through to a fitting and satisfactory end. The burdens imposed on the people do not t-o my appreciable extent strain their resources, and ii the war lasts for even one or two years longer Britain's army and navy will be quite as efficient and eager for the fray as they are to-day, while the people will not grudge their last .penny to secure victory. Courage and determination are the outstanding feature of the nation. Nothing will daunt them nor induce tiiem to swerve from the object in view. Having put their hands to this war plough they will never turn back until all the furrows arc turned and the noxious enemy weeds of dominance, barbarity, and frightfulness ai'e uprooted for all time.