The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-03-12
WAR PROVES POWER
OF BRITISH CREDIT.
Premier Shows Nations Fl.
nancial Soundness Under
Unprecedented Strain.
STRUGGLE COSTS BILLIONS
speciai correspendsacs 70 tn. Sow.

Special correspendsscs 70 THn SOW.
LONDON. Feb. 24.-No Minister has
ever asked any democratic assembly in
the course Of less than two years to
sanction expenditure out Of votes Of
credit approaching or anywhere near
approaching $4,000 100000 100000
| 000. 000)," said Mr.. AsQuith, the Prime
Minister. when he asked the House OF
| Commons this week for q vote Of credit
Of $4,000 900 (Sl.soo. 900. ooo) to enable
this country 70 carry on the war for
another sixty days%hat Is to say from
April 1. when the expenditure OF this
new huge slice of Britain's treasure will
May. Before that time Mr.. AsQuith will
ask for NOR. n 90 on until the war
Is over.
Mr.. Asquith pointed out 70 a keenly
interested House that nineteen months
ago no n would have believed that
Britain's credit would have stood the
strain II has had to bear, and he made
II plain that by comparison with the
panicky position OF August. 1914. the
present state Of affairs was absolutely
marvellous. Britain was still the gold
the Chancellor Of tho Exchequer. was
quito satisfied with the condition OF
American exchange.
The Prime Minister recorded with the
utmost calmness the amazing figures OF
spent or tho war. Where a year
or more axe the Chancellor Of the Ex-
chequer mentioned with bated breath
and with an Apologize air a sum Of
four or I'VE hundred million dollars. Mr..
Asquith went serenely on into the thou
sands of millions until he revealed his
grand total Of war expenditure OF ten
billions Of dollars.
Daily Average Of Wa Cost.
To keep track Of tho ex-
penditure on the war Is a difficult task.
owing TO the immense sums being en-
pended every minute. and although Mr.
Asqui'h made his figures as clear as
possible for h given time he was deal
Ing with some smaller items naturally
20 be dealt with generally.
one point. however. emerged clearly
from the statement. Whereas at the
line the last vote Of credit was asked
for Mr.. Asquith said that the Govern
ment estimated the daily expenditure OF
this country on the war at $25. 900. 900 a
day. he now revealed the fact that the
amount now being spent daily is
not more than SCI. $50. 900. He added.
thaN ~ Wouiu Uc fWlsS nut 10
reckon on the daily expenditure not r,s-
Ing at any ONE to $25. 200. 900. for In
war on must always be prepared for
any possible development and expansion
Of expenditure.
The principal item OF Britain's ex.
penditure Is for advances to her allies
and dom!nions, which by March 81 will
reach probably s2,ll5. 600. 900. Rritain'sl
financial arrangements with her allies
naturally remain secret, and must so
until the end ~ the war. but
they are disclosed Il vii, no, he
that tho whole Of this huge sum
IS a free grant. What Britain has given
10 Serbia and Belgium has been given
without any expectation - repayment. |
the assistance extended To first
class Powers like Russia and Italy is
a different footing and these great
will certainly not consent 20
the money "a n free gift.
The cost OF buying munitions in Amer
ca Is included in the direct war expen-
although In some cases II seems
o have been entered twice in the ac-
cunts owing to the method Of purchas-
ng American securities TO meet oblisa-
ions In h United states.