Albuquerque morning journal., 1916-02-22
ASQU|TH GIVEN
VOTE Of CREDIT
By PARLIAMENT.
More Than Two Billion Dollars
Appropriated for Continu-
ance Of War Expenditures
Loans for EngIand's Allies,

house Of commons tonighi passed ney
votes Of credit 10 the amount of it29.
100000. This h expccied to carr
the war 10 the cnd of May hrinsin'
the Total sum appr rprAtad hN ncan
~ tot.s Of credit since the outbreal
of the war to r2.0Sg.O0O. 0O0---a suni
according to Premier Asqulh. no
onlH beyond precedent but uctualt
beyond the imagination of any finar
cief cf this or any other country
Parliament was occupied today cn
tfclY wth financial questions Pre-
mier Asquith spoke Tor nfil minulcl
! IN presenting The governments mo.
+ iioH Tor the new Wlr credits Thf
chancellor Of The cXchemci. Rcgi'
nald Mckennu. followed with state
inent regarding American oXchang,
which he declared is now as high a.
the BRUSH government Wishes
a. bo
Holding Down Expenditures.
The point emphasized by Prcmi,l
hsquilh was not the ENORMOUS totals
necessary for the war but The fact
thai BY careful economy and safe
guards The government had succeed
ed In holding down tho expenditure
Well below fj.oOO.000 day. which
figure he thought unlikely t. be eN.
ceeded at any time
Il feel the enormous and oyer.
whclminp responsibility i'm asking tho
house for this gigantic sum said
the premier "and could not do so un.
less was satisfied that the govern
inent had most carefully explored thp
ground so that We are moi asking for
a penny more than the cxgcncics %
our cause ana the great historic rc.
spensibility which W. have under
taken require, and unless We are sat
isfied mat every possible piecautiOn
is being tnken to see that the taX
payers money H. not being waater.
Loans 10 England Miles.
Touching on the loans to England
allies Mr. Asauith stated that the
now had grown To- nearly
fl6a. 600, 600 to which must br ad
ded loans 10 the allies made bN the
Bank Of England ni the request of
the British oHernmcnl The amount
" this latter item was not made clear
by the premied but he declared that
the provision ~ the September bud.
get. ailotne f4230O0.o0o for louns o.
The allies would not be exceeded
The chancellor Of the exchequer 10
in optimistic statement regarding th-
condition OF British credi, said
Maintenance Of credit
Criticism has been made that We
ire not taking proper steps TO mains
ain our credit, particularly with ref
renee To- American exchange 81
merely ASK the house To compare our
Nmerionn exchange with that of aug
# the other bclligerents At lac
lfssen time the rate is i.1G and the
government does not wish II higher
han that II is slill 10 cents below (
lormal but " do not wish il to so
ither up to or above normal for the !
imple reason that We arc disconrns. 4
ng imports by keeping the cxehaneo
littlc bcltN par aud checking the 4
'Sporl of gold TO America. /
open cold Country,
Il isc an absolute marvel that ur.
ri eighteen months Of war We are
till mn open gold country our
'apef can be exchanged for gold ai
he bank Every sovereign In paprs
money has sold back Of II
Notwithstanding the gigantic cx.
We have maintained our
redil We have greu resources.
'ut must husband them with pru.
cnee. = have no doubt that ycor
ienee shall lac able to show thal
ur credit Is sim unmpared
Tauchng on the question as ~
,heihcr after The war acceptance anu
iseouniing ot German bills would hc
iseuuraged IN London the thunccl.
pi said
This subject must bc left for thu
uurc but ! am Nure that the com,
acrcRl Interests of the country viii
pposc the REIMBURSEMENT Of lhc
rade of accepting aud discounting
ms draWn abroad which has made
.ondon the admiration and envy OF
u thr WORLDS great commercial
itlcs"
During he course ot the evening
.rbaic. Sir jos Walton. liberal for
hc Garnslev division of Yorkshire
rttciNcd thu government for no;
mere carefully inspecting munitions
eeeivcd from Tie United states.
care shuuld hc taken that We do
oi get bad supplies from America"
e said. am informed that of sS
heile Recently tired bv ono of cur