The Birmingham age-herald., 1914-11-28
PARLIAMENT WILL NOT REASSEM0[E BEFORE NEW YEAR ] lOyd-George Reviews Fi- nancial Situation Before
 Adjournment WAR LOAN HAS BEEN
 OVERSUBSCRIBED Beresford Demands Explanation Of Recent Naval Management But # Churchill Declines to Make
 Matter Public

London, November :7.--e,so D. m.) Doth houses of Parliament adjourned oday until the new year. The House Of Lords will renssemble January G.. but the House of Commons not until February 2.
 David Lloyd George, chancellor of the exechequer. and Winston Spencer Church- i'll. first lord of the admiralty. reviewed respectively the status of the country's finances and of the navy to the House of Commons.
 Each presented cheerful picture of the condition of the branches of govern ment over which they preside. The chan eellor's statement on the subscription to the largest war loan ever foated. which had been eagerly awaited, said the loan had been oversubscribed He said there were nearly 100000 applications for the bonds, large proportion of them for small amounts. and added that the small subscribers would be given preference.
 MT. Lloyd-George estimated that a. oooooe.oO0 ($2o.ooo, ,00O0oo) worth of good foreign securities were held in Great Brit ain at the beginning of the war while the assets of the country were estimated at another R1s.oOo ooo.ooo (se5, ,Ooo ooo. .ooo), and that the country's credit was nearly f1s,ooo, ooo,oo0 (sso,oOo. .0o0ooc).
 Persistent Critic
 MT. Churchill's most persistent critic. Admiral Lord Charles Beresford, retired, wanted explanation of the recent naval management, but MT. Churchill declined to fl.x s ( would not be ripe until all the factors could be discussed
 Most Of the recent criticisms of the government have come from liberal and labor members of the House The irpor- tant liberal newspapers have. suggested that 1t would be for the country's interest Tor Parliament to remain in almost con- tinuous session so the government could be called on for frequent explanations as to the conduct of the war.
 The decision to have the House of Lords EsS2pyene ,,,,s, earlier than tIr ouse Qf Con- f'ons, all u1usuaI7 procet Ife9 yvas nlaue at the request of Lord Clrzon. who said adjournment until February was too long. The Marquis of Crewe. liberal leader. re- piled that the proceedings of the lords as to adjournment were not governed by the proceedings of the House of Commons, and that he was willing that the lords meet earlier.
 winston spencer Cnurcn1lI. Tn his speech today, declared that despite the British navy's losses since the outbreak of the war, there was no cause for nervousness over it's present and future effectiveness.
 We can afford to lose super-dread- naught every month for 12 months, with cut single loss to the enemy and be in as good a position of superiority as We were at the outbreak of the war;" said the first lord.
 Of the older armored cruisers. Mir Churchill said Great Britain had 36 light modern cruisers to Germany's 25 Great Britain had lost two and Germany had lost or interned quarter of her num- ber Great Britain since the commence ment of the war also had added as many light cruisers as Germany had lost. Mir. Churchill declared the maximum endorsements Germany could receive to the end of 1915 was three capital ships. while the strength of the British fleet in that period would be increased by 15 ships. Losses Equal
 The reason Great Britain could not pro- duce results on large scale with sub marines, MT. Churchill went on. was be- cause they so seldom has been offered opportunity to attack The losses in sub | marines sustained by the British and the Germans had been equal. he said. British torpedo boat destroyers had shown enormous superiority of gun DO " | CT. We have lost none; Germany has lost eight or 10" the speaker said.