Evening star. [volume] (Washington, D.C.) 1854-1972, 1915-07-17
British Fmanciers, Predicting
Ten-BiIIion-D Dollar Loan,
Counsel Economy.
FRENCH MINISTER THINKS
ARMAMENTS WILL BE CUT
Of Opinion Limitations Should Be
Written Into Peace Treaty
When It Is Drafted.


crisis expenditures. both public and
private, should be rigidly curtailed
and at the same time new taxation
should forthwith be imposed upon all
classes of the people in order that when
the war shall be brought to triumph
ant conclusion the nation may enter
the period of restoration with its finan-
cial power impaired to the least posi-
BILE extent"
This resolution was passed last even
ing at a meeting of the leading bank
ers and f1nanciers of London. A depu-
tation will convey it to Premier AS
quith.
Ten-Billion-Dollar Loan.
Harold Cox, we'll known as a political
economist, addressed the meeting. He
said that the loan would hardly carry
the country over until Christmas. and
that personally he did not think the
war would end without England hav-
ing to borrow 2,O00,0O0,000 (s10,000,-
0o0,000).
Altogether the interest on this, Mr..
Cox said, would be f9O.000.000 $3.50,
00O. 000). which, with the sinking fund,
would be increased to f110.000,000
(s550. 900. 00o), and another f2o.oo0,0o0
($1O0. OO0,O00) would have to be added
for the first two years after the war
for pensions. The new taxes imposed
last November, Mr.. Cox added. pro-
many more new taxes would have to
be levied.
War to Limit Armaments.
PARIS. June 81, delayed by censor
1.-The ministers of finance in the bel
ligerent countries will be the most
forceful advocates of the limitation OF
ornaments after the war;" asserted
Marcel Sembat. socialist leader and
French minister of public works, in a
statement to a representative of the
Associated Press today. NJ. Sembat oc-
cupies the first actual cabinet post held
by socialist in France. Continuing
his discussion, the minister said:
They will speak not only in the name
of the superior ideal of social solidar-
ity, they will speak in the name of the
budget and of public credit. If we
leave aside the philosophical consid-
a limitation of ornaments, it seems tc
me that during the war and after i,
financial considerations alone will suf-
fee.
Costing $4,000 a Minute.
81 have come from an interesting ses.
sion of the chamber. consecrated to 9
discussion Of war appropriations. Two
discourses completing the admirable
report of NJ. Metin (Albert Metin, gen.
eral budget reporter of the chamber Of
deputies) for the appropriations com
mittee emphasized the extent of the
sacrifices that the war has imposed or
US. You know that NJ. Metin calculated
ha fInC Era
francs ($10,0O0) a minute. The expen'
ditures of the English are not les.
than ours, while the Russians an6
Italians are feeling heavy burden or
their shoulders. On their side our ad
versaries. the Germans and the Aus
TRANS, are crushed by financial bur
dens. You have noticed recently the
failure of the Austrian loan.
IF the war proves to be long, which
Is not an improbable conference.-the
president of the cabinet and the min.
lister of finance today took occasion te
say SO and to prepare the public MIND
for it-endeavor to form an idea OF
what will be the state of the public
finances Of the belligerent countries a,
| the conclusion of peace.
Adds Billions to Debt.
Of each of those countries will be
augmented Dy considerable numDeI
Of billions. 1 ask. then. of any one
capable Of seriously examining a finan-
cial situation how it will be possible tc
pay the debts contracted or the interest
on the loans and at the same time
keep up as costly armies and fleets
as in the past without renouncing ex-
penditures for social reforms which
impose themselves today upon all civ
ilized people.
THE carnage of which we are wit.
nesses may reasonably he expected to
open the eyes of the people to theii
real interests. But considering only the
practical side of the question whether
1t will be easier after the war thar
before to limit ornaments, it seems te
me it will.
'This war has demonstrated allow
all the supremely important role o
cannon, rifles. shells and explosives
In the United States you know 4
| better than any one. You know als'
that rifles and cannon cannot be i'm
provised over night-months are nee
essary.
Would Write It in Treaty.