WAR FINANCE
BRITAIN’S ENORMOUS EXPENDITURE. CHANCELLOR’S LATEST SURVEY. INFLATION PERIL AVERTED AS YET. (British Official Wireless.) (Received This Day, 11.7 a.m.) RUGBY, October 1. In- a statement at the report stage of the Supplementary vote of credit for £1,000,000,000, the Chancellor of the Exchequer (Sir Kingsley Wood) said two votes of credit of equal amounts had already been voted towards this year's war expenditure, and the present vote should, at the current rate of expenditure, last until the end of December. About 145 millions remained intact out of the last vote, and this would carry over another two weeks. For the five weeks ending September 30, expenditure out of the vote, which of course was available only for war services, amounted to about eleven millions daily, of which some nine millions were appropriated to the fighting services and two millions to a miscellaneous group of other war services. Expenditure on the fighting services in June, when the previous vote was asked for, was about eight millions a day. The total national expenditure, including social services, amounted to about thirteen millions a day. It was interesting to note, he added, that in the peak activities of the last war the vote of credit daily expenditure was about seven millions and the total expenditure but one million more. In his Budget speech, the Chancellor said he estimated that credits expenditure for the year would require 3,500 millions, excluding payments due to the United States, and if, as he expected, a further vote had to be asked for in December, the total figure would be broadly within the estimate. “I think I may say,” Sir Kingsley Wood continued, “that from such indications as are available the object which I put before the country six months ago—to finance the war by methods which would hold the dangers of inflation in check—so far have been achieved. The danger remains, however,. and there can be no relaxation."
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Wairarapa Times-Age, 2 October 1941, Page 6
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321WAR FINANCE Wairarapa Times-Age, 2 October 1941, Page 6
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