The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1916-02-24
BRITISH WAR EXPENSES.
Total Since War Began Said to Be
1852, 100000 Pounds.

OF credit TO the amount Ol 4ZO,VOV,-
900 pounds. This is expected to car
~ the war to the end of May, bring
ing the total sum appropriated by
means of votes of credit since the
outbreak of the war to 2,0S2, 100000
nounds-a sum, according % Premier
Asquith, mot only beyond precedent,
but actually beyond the imagination
of any fnancier of this or any other
country
Parliament was occupied today en-
tirely with financial questions. Pre-
mier AsGuith spoke for fifty minutes
in presenting the governments mo-
ton for the exchequer, Reginald Nc
Kenna, followed with a statement re-
garding American exchange, which,
he declared, is now as high as the
British government wishes it to be.
The point emphasized Jy Premier
Asquith was not the enormous totals
necessary for the war, but the fact
that by careful economy and safe
guards, the government had succeed
ed in holding down the expenditures
well below 100000 pounds day,
which figure he thought unlikely to
be exceeded at any time.
Overwhelming Responsibility.
>>ssI feel the enormous and over
whelming responsibility in asking the
house for this gigantic sum-" said the
premier, land could not do so unless
l was satisfied that the government
had most carefully !. explored the
ground, so that we are not asking
for penny more than the exigenties
of our country and the great historic
responsibilities which we have under
taken require, and unless we are
satisfied that every possible precau-
tion is being taken to See that the
taxpayers money is not being vast
ed."
Touching on the means to Eng
lands allies, Mr.. Asquith stated that
the amount had now grown to near
ly 169, 100000 pounds, to which
must be added loans to the allies
made by the Bank of England at the
request of the British government.
The amount of this latter item was
not made clear by the premier, but
he declared that the provisions in
the September budget allotting 423,-
100000 pounds for loans to the al
lies would not be exceeded.
The chancellor Of the exchequer,
in AN optimistic statement regarding
the condition of British credit, said:
Chancellor's Statement.
" "Criticism has been made that we
are not taking proper steps to main
tain our credit, particularly with ref
erence to American exchange. l
ask the house to compare our
American exchange with that of any
other of the belligerents. At the
present time the rate is 4.76 and the
does not wish it higher
than that. 1t is still 10 cents below
normal, but we do not wish it to go
either up to or above normal, for the
simple reason that we are discourage
ing imports by keeping the exchange
a little below par and checking the
export of gold to America.
"It is an absolute marvel that af-
ter eighteen months of war we are
still the only open gold country in
the world. OUR paper can be ex.
for gold at the bank. Every
in paper money has gold
back of it. It would never have been
believed two years ago that British
credit could stand the extraordinary
test to which it has been subjected.
Notwithstanding the gigantic ex-
penditures we have maintained our
credit. We have great resources, but
must husband them with prudence.
[ have NO doubt that year hence
shall be able to show that our credit
Is still unimpaired.
Subject for the Future.
Touching on the question as to
after the war, acceptance
and discounting of German bills
would be discouraged in London, the
chancellor said:
"This subject must be left for the
future, but 1 am sure that the COM
mercial interests of the country will
oppose the REIMBURSEMENT of the
trade of accepting and discounting
bills drawn abroad, which has made
London the admiration and envy of
all the worlds great commercial
Cities"
In the course OF the evenings de-
bate, Sir Joseph Walton, Liberal for
tho Rorns1ov division of Yorkshire