WIZARDRY OF FINANCE

Taranaki Daily News, 18 September 1940, Page 8

WIZARDRY OF FINANCE

DRAPED WITH PLENTY.

(To the Editor.) Sir, — The speech of Sir Kingsley Wood, Chancellor of the Exchequer, as reported in the week-end Press, is both arresting and informative. He pays grateful praise to Britain's poorer classes as regards spirit and finance. This response is all the more outstanding when one knows of their stete before the war. Mr. Hugh Campbell, the workers' delegate to the International Labour Office conference in England (abandoned owing to the war), states that he saw, last July "men of 30 years receiving their first pay envelope since leaving school and hundreds of others their first pay cheque for 10 years." Knoyring this one ceases to wonder for the need and rapidity of the Cabinet's purge and the resultant ' "all in policy" of Britain's wealth and manpower. The Chancellor gave the figures of tha public's response for the 12 months, viz., £350,000,000 from savings bank deposits, £202,000,000 from 2% per cent. national war bonds, £17 ,000,000 interestfree loans'to the Treasury and the balance a 3 per cent. war loan, making a grand total of £873,000,000. Assuming that Britain is spending £10,000,000 per day on the war, this figure only represents some three months of the campaign expenses. Notable as the public response is can it be repeated? If not, and allowing for the incidence of taxation, etc., cannot one justifiably ask with the Hon. Adam Hamilton "Where is the money to come from?" This time there is no American war loan— alone Britain faces the ordeal. I summarise part of Sir Kingsley's speech thus: Don't lend your ears to those who hint our notes are pure inflation. Our cause is just— our cash we'll trust, to save the British : nation.— I am, etc.„

Stratford, Sept. 15.