, 1915-06-26

gains by the French in Alsace have taken
them close to the permanent German fortif-
cations, and in Lorraine, near Reilon. thev
have occupied the entire first line Of German
trenches along a front of 1900 yards. while ia
the Vosges they have ad vanced beyond the
cemetery at Metzeral, the loss of which town
Berlin officially admits.
In the House Of Commons, Mr.. Nc
henna, continuing his speech on the Loan
BIZ, declined to name the amount of
the further new loan, but said that many
huhdreds or millions of pounds would be
required and that the nominal maximum
therefore would be 81 ,000, O00, 600, to pro-
vide new money and enable the conversion
OF old loans. The loan is not TO be consi-
dered failure, if not subscribed, as he did
not want the maximnm now. Power WINS
asked Tor whatever would be necessary in a
manner not requiring repayment during the
war. The old war loan yields 44%. but is
now at a discount, therefore new money is
not to be had under 49,, which would de-
preciate the older issues. England will NOT
leave her creditors in the lurch. therefore
new rights will be given to holders of prior
issues. Depreciation of the old Consols to nm
unsuitable point would be observation-disclosures
to the community. If the present allowed
minimum of 664 is reduced, a considerable
fall is probable, therefore if holders of Con.
soils applied for G100 of the new loan the
Government would allow them 75N on Con-
soils for each ESQ of the new loan, that is.
consols would be exchangeable al 663. AS
t6OO,OOO,OO are eligible for conversion, and
conversion is optional, it is impossible to fix
the amounts to be converted. The new loan
Is issued through the Bank of England for
maltlples OF tlOO, also through the Post
Omce Tor from i've to twenty-five pounds.
and thirdly, III the form of vouchers. for five
shilllngs through Post Offices, Trade Unions
headquarters and Others, these FIVE sbiljnos
vouchers being exchangeable for five
pound bonds in multiples of that amount.
thus workers have mn equal opportunity with
capitalists. Allotments will be made mon
application and the lists will close on july
1Oth or earlier. Subscribers should be mor~
clful to themselves and the country. and
those who have to subscribe will be thaulfnj
Tor their efforts to help themselves. nut
dea1er TO them also will be the |knowlea..
that help for themselves will be mnltiplie9
to the country, which will bless ProyIdence
for their generosity.
The Bill passed its first reading unoni-
mously. If the conversion pr1yile1es ore
exercised four hundred and two million
pounds will be realized for Consols and TIRES
hundred ana nifty million pounds for the
earlier war loan, or q total Of seven hundred
and hfty-two million pounds, not counting
the new money necessary.
After several storms the italian attack on
the Austrian positions has been resumed
with increased violence. The Italians are
now encountering stronger resistance, the
defences of the Austrians being numerous and
excellently prepared, with the artillery well
concealed, and false trenches and positions
to deceive their antagonists have been con-
structed by the Austrians. The booty taken
by the Italians upon the capture of Mon
falcone is worth several hundred million
francs and includes two superdreadnonehts
ana one cruiser under construction. eleven
merchantmen, twenty-four sailing ships,
thirty automobile boats, five aeroplanes, u
large stock of torpedoes, mines and ammu-
nltlon, and three cannon.
Advlces from Paris state that, accordinp
to the Budget reporter Of the "Matin'' in he
Chamber OF Deputies, the total credits voted
since the war began exceed 15,615, OOO, 900
francs. The provisional credit for the third
quarter OF the present year is 5,94O, 600. 900
francs, but the Budget Committee has re-
quested some reduction in the Civil Service
estimates.
After a tour of the munition factories Mr.
Millerand, Minister for War saws he witnasSod