The Barre daily times. (Barre, Vt.) 1897-1959, 1916-02-22
BRITAIN is VOTING
TREMENDOUS SUM
TO CARRY ON WAR
House Of Commons Passed New Votes of
Credit Aggregating S2,ioo,ooo,ooo
After Premier Asquith Had
Made Speech.


London, Feb. 22.-The House of Com.
mons last night passed new votes of
credit to the amount of f420,000000
This is expected TO carry the war to the
end OF May, bringing the total sum APP
propriated by means of votes of credit
since the outbreak of the war to f2,0S2-
100000 pounds-a sum, according to Pre-
mier Asquith, mot only beyond preced-
ent, but actually beyond the imagina-
tion of any fnancier of this or any other
country"
Parliament was occupied yesterday en-
tirely with financial questions. Premier
Asquith spoke for fifty minutes in pre-
senting the governments motion for the
new war credits. The chancellor of the
exchequer, Reginald McKenna, followed
with a statement regarding American ex-
change which, he declared, is now as high
as the British government wishes it to
be.
The point emphasized by Premier AS
quith was not the enormous total neces-
sary for the war, but the fact that by
careful economy and safeguards the gov
ernment had succeeded in holding down
the expenditures well below f5,000,000
a day, which figure he thought unlikely
to be exceeded at any time.
Il felt the enormous and overwhelming
responsibility in asking the House for
this gigantic sum-" said the premier, "and
could not do so unless | was satisfied
that the government had most carefully
explored the ground, SO that we are not
asking for penny more than the ex'
igencies of our cause, and the great his
toric responsibilities which we have un-
dertaken require, and unless we are sat |
isfied that every possible precaution is
being taken to see that the taxpayers |
money is not being wasted"
Touching on the loans to England's al
lies, Mr.. Asquith stated that the amount
had now grown to nearly fl69,000,00O,
to which must be added loans to the al
lies made by the Bank of England at tho
request of the British government. The
amount of this latter item was not made
lear by the premier, but he declared that
the provision in the September budget,
.llotting f423,000.000 for loans to the
lilies, would not be exceeded.
The chancellor of the exchequer, in an
optimistic statement regarding the con-
iition of British credit, said:
Criticism has been made that we are
lot taking proper steps to maintain our
redit, particularly with reference to
American exchange. | merely ask the
House to compare our American exchange
With that of any of the other belliger- {
nts. At the present time the rate is /
.76, and the government does not wish
t higher than that. 1t is still 10 cents
elow normal, but we do not wish it to
o either up to, or above normal, for the a
imple reason that we are discouraging c
IMPORTS by keeping the exchange a little
Glow par and checking the export OF
old to America.
ut is an absolute marvel that after c
s months of war we are still almost the G
My open gold country in the world. Our a
aper can be exchanged for gold at the
ank. Every sovereign in paper money
as gold back of it, 1t would never have
cen believed two years ago that British u
edit could stand the extraordinary test =,
, which it has been subjected
Notwithstanding the gigantic expen- o
tures we have maintained our credit T
1e have great resources, but must hus- 6,
and them with prudence. | have no
1ubt that year hence / shall be able II
show that our credit is still unim- VI
aired" n
Touching on the question as to whether
ter the war acceptance and discounting I
German bills would be discouraged in =
,ndon, the chancellor said: THAT sub
ct must be left for the future, but
n sure that the commercial interests of p
e country win oppose the relinquish-
ent of the trade of accepting and dis
uniting bills drawn abroad, which has
ade London the admiration and envy
all the worlds commercial cities"
During the course of the evenings de- 81
tie, Sir Joseph Walton, liberal, for the ma
Irnsley division of Yorkshire, criticised III
e government for not more carefully m
specting munitions received from the III
lited States. ca
Care should be taken that we do not Sc
t bad supplies from America" he said. IL
am informed that of 2s shells recently co
ed by one of our howitzers at the front Du