The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-09
FINANCES OF BRITAIN
SOUND, SAYS PAISH
Editor Of "Statist" Describes
Money Management
Of War.
Special Cor,espoadence 10 TINE srS.

LONDON. March c3.-Sir George pa!sh.
EDITOR OF the Stdtist and financial ex-
pert. speaking NJ a recent meeting OF the
Royal Statistical Society. dealt with the
British war expenditure.
lie estimated that in she Arst eight
months OF The war the British expendi-
,ure " as SO IS 1000. 900 t~!ncluding $500
100000 OF temporary loan repaid in July
las') IN the last twelve months the COS.
mad been about $1,000, 400. 600. and In the
coming year, on the basis ~ a vote OF
credit Of 5000, 900 q day for war pur-
expenditure may reach no less than So
775.00O, 900.
Thus In the first twenty months OF
war" he said, the war expenses will be
Just about f2. 600 600, 900 ,slO.O00. OOO.-
o0o) of which 1880. 000, 900 ,sl.650.OOo
o"o) will larc t,en raised 10y taxation
and fl.702, 000. 900 ,sS.5lO. GOA, 00o) by
loan, In the coming financial wear OF.
the present basis OF taxation the revenue
available may amour; to f33O. 900. 600
,si.G5O,o 00. oOoI. which would leave
1880 o 900 OsS.l25. 000, 0oOI to hc
borrowed
There was a cheering note in Sir
George Paish's reference 70 the great
struggle. (which now seems 10 lie APP
preaching It's tinal s,agcs"--this In cit
ing evidence that "ihe financial strength
of Great Britain in war has proved TO
he much greater even than II Was he
licvcd to he. and that It's financial
strength in peace. great as II was. did
not Indicate tho full measure ~ It's war
strength"
Besides a pre-war national income %
sl2, 600, 0oo. 600. Sir George reCkoned that
the %Cuuntry's n 'cumulatcd wealth was
not less than $50 GOA. 900. goo. and IL had
been expended In such a manner that
the British people had been able to
maintain their productive power IN war
at a very high level, For the greater
part Il consisted Of the machinery Of
production. using the term IN It's broad
est sense.
Beyond the wealth built ur nj home
in this way. the British had invested
$50. Goa. 0O0 900 overseas before the war.
Taking cogni2anCc OF the substantial
rise in wages and profits, he said that.
including the sums paid To soldiers and
sailors. the nations income since the
war began had risen from about sl2.-
600, 600 ,O0o Ia about $4,000. 600 per
aunum hut ;his did not mean Il corr =
spending gam IN production, the advance
n the prices of all commodities having
20 he remembered
Great Britain had called In about So
900, Goa n00 from abroad. nearly the
whole of this money having been used
to make fresh loans to foreign and 90.
lunial countries. Consequently. II allow
ance We're made for the increase in the
stock Of gold since war began.
II was evident that the nation had sue
ceclod in meeting nearly the Who'll Of
it's war expenditures out of its income,
without having needed 10 draw upon its
accumulated capital to an extent worth
sIeahinn ,,huut.
lie would he disappointed If existing
did not realize in IN" coming
year nearly $2.250.000 900, though II
would hr nnwisc To he dogmatic, The
burden of indirect taxation was srill
very light, nor. having regard to the
incomes of the income tax paving classes,
could the burden of direct taxation be
considered unduly heavy.
Meanwhile the nations debt was grow
ing, Before the war il WAS S3.535, OOO.-
Qua, AT the end Of March. 1915. SG.GiO.-
0On. nnn: AT the end of this March il
would approach sl2.000 o00, o00; and If
the var continued for another wear the
total debt would he not far shor, of
$50. 900. 00O, 900.