MOTHER COUNTRY.

Taranaki Daily News, 12 August 1916, Page 5

MOTHER COUNTRY.

THE ALLIES' PRESSURE. ' MUST CRUSH THE ENEMY , SHORTLY, ■LORD DERBY'S VIEWS. Now York, August 10. Lord Derhy, interviewed by American correspondents, stated that the Allies are drawing the iron ring around the enemy tighter every day and the Germans will be pounded down until they break under the strain. The war must result in victory for us. The Allies now have the Germans where they eannot swing men from one front to another and are forced to the fensive everywhere, endeavoring to keep they line intact. They have not a. man to spare anywhere. The ground the All'es have gained will never be lost. We shall keep tiring the Austro-Germans and killing their men until they are bound to give up. All the portents show that the day is not far distant when Germany must crumble. Her armies cannot survive the pressure. THE ZEPPELIN RAID, GERMAN REPORTS. London, August 10. A German wireless message states that seven of the naval airship squadron bombed with the largest explosives and incendiary bombs English nuval bases and industrial establishments of military importance in the coastal counties from Northumberland to Norfolk. It was a clear night and the rc-sults were everywhere observed. There were powerful explosions at the ironworks and benzol factories at Middlesborough, large fires in the harbor establishments at Hull and Hartlepool, explosions in the Tvne yards, and fires in the industrial establishments at Whitby. The Press Bureau comments that this ■ is the usual perversion of truth. 1 THE FINANCIAL PROBLEM. STATEMENT BY MR. MeKENNA. 3 ' ■Received August 11, 5.5 p.m. London, August 10. ' In the House of Commons, dealing , with the Treasury Estimates, several j members adversely criticised the large issues of Treasury bills, urging that the Chancellor of the Exchequer should issue a loan, but others objected to raising the bank rate. Mr. McKenna, in reply, said he entirely approved_of the Bank of England, raising the money. We were consuming more goods than we produced, and had to obtain supplies from abroad. Our task was not only to make up our own . deficiency, but also the deficiency in prot duction of all the Allies, which was rcal- . ly a gigantic task. AH questions of internal finance, important as they were, paled into insignificance in comparison e with the daily task of (inaneing foreign e supplies. We had to pay abroad cerf tainly one million, probably nearer two r millions, daily. We were able to borrow abroad cheaper than other belligerent, but he was unable to say when they would issue another loan.

BRITAIN'S INDEBTEDNESS AND WEALTH* A POSITION JUSTIFYING PRIDE. Received August 11, 5.45 p.m. London, August 10. Mr. McKenna estimated the total indebtedness at the end of March next as £3,440,000,000, wherefrom we might deduct advances to the Allies and Dominions of £300,000,000 out of the total indebtedness—about equal to one year's national income. The total national wealtu is estimated at £15,000,000,000. We have revenue equivalent to twenty per cent, of tho whole debt, and should be able to pay out of existing taxation the interest on the debt and also provide for a considerable sinking fund, and still leave a margin to .reduce taxes. There was cvory reason to be proud of the financial position. British credit had stood the strain. THE DARDANELLES COMMISSION. DOMINION'S' REPRESENTATIVES, Received August 11, 5.45 p.m. London, August 10. Mr. Ronar Law, in the House of Commons, explained that the Imperial Gov ernment thought it desirable that Mr A Fisher and Sir Thomas Mackenzie should serve on the Dardanelles Com mission. They had not been appointee by their own Governments and shouk not be regarded as representing them ,The Commission meets within a fort night. The Commission will probably meet or the 17th inst. LORD LANSDOWNE RESIGNING. Received August 11, 8.15 p.m. London, August 11. The Daily Chronicle states it is under stood that Lord Lansdowne will short); resign, on the grounds of ill-health. MR. HENDERSON'S NEW DEPART .. MENT. Received August 11, 5.50 p.m. London, August 11. The Government is establishing i Labor Advisory Department, under Mr Henderson. EXCHANGE OF INTERNED SUBJECTS Reuter Service. Received August 11, 5.45 p.m. London, August 10. In the House of Commons, Lon Robert Cecil said the Government hat agreed to the exchange of all Britisl and German interned subjects over 4: years of age, on condition that the re maini.ig int-erneds >vere exchanged ii