Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1916-07-02

country strikes the golden mean in the
matter OF paying for the war out OF
her S75.Q00.0O0,0OO of accumulated
wealth. through selling back securi-
ties representing investments in ncu.
trail countries. and by tapping the in.
como of the people.
Five hundred local central commit
tees. branches of the larger oryaniza-
ton. have been organized throughout
the country. and are working with tho
sympathetic support of the local au-
thoritics. Tho latter include schools
and colleges, churches and religious
associations of all kinds, trade unions.
mems brotherhoods, women's societies
and decorations, friendly societies, CO.
operative societies and similar bodies.
IL is the influence and practical as
sistance Of all of these organizations
throughout the United Kingdom that
has managed to roll up so many mill
lions sterling toward paying for the
conflict.
Something of the tremendous task in
saving confronting the United King.
dom was indicated to the Associated
Press by Il financial expert of recog-
nizcd ability.
by his budget for the current fiscal
year, from the end of March last to
the first Of next April. the Chancellor
OF the EiXchequcr arranged to raise by
taxation the sum of $500. 000. O00.'' no
said. According to the requirements of
the war that left fl.3OO 100000 to be
found in some other way That other
way Is saving. We can best attain our end
in this way by refraining from buying
things which we can safely do without.
I, L.. IL =
capital. and rendering 1t available for
the purposes of the government I'm pros
ecutinE the war.
I'VE reckon that, the flower of our
industrial manhood having gone into
the army and navy. all those that are
left behind arc likewise needed for
feeling is that we have no right to
ask thcm to work for us in the pro-
duction Of things with which we can
easily do without. SO that by syste>
matte saving in this respect we shall
be increasing our export trade, by
means Of which we obtain the sinews
of war at this time.
HOPE TO SHORTEN WAR
by SYSTEMATIC SAVING
ut has been truly said that every
shilling spent unnecessarily on our
selves is given to Germany. and every
shilling saved strengthens the cause for
which we are lighting Because every
thing from abroad used here aids in
increasing our debt to foreign nations
and thus impairing our financial posi-
ton, we are making "a particular ef-
fort to save on articles from abroad.
We firmly believe that by systematic
"a ~ ga oh
The incentive OF the people as a
whole to save is also explained by
the tremendous figures of the national
evenue and expenditures The national
revenue for the year ending Marcel
81, 1915. was s1,6S3,S35, 900. This sun
was S550.365.000 more than the reve.
nue. for l914-l5, and by far the largest
sum ever paid into the Treasury in any
single year in the nations history
the increase being duo to the new
of taxation discovered by
Reginald McKcnna, Chancellor Of the
ENchequer. But the expenditure charge
able against this revenue was s1,7o5,.
100000, sum which is nearly $1,000 600
In excess of the expenditure charge
able In the year 19l4-15. There will
be similar excess of expenditure over
income in the current year; the de-
in fact greater than they have ever
been"
The governments very latest ex-
pedient for raising revenue is the war
certificates. issued June g.
under special act by the Lords Com
nissioners Of the Treasury, in amounts
Of one five and ten thousand pounds
roughly $4,000. $4,000 and $4,000
These certificates run for two years
from the date OF issue at the price
for tho time being, OF 90 per cent
They arc in effect Trea sury bills, so
thay tho price represents a discount
rate OF per cent per annum. The
investment return on the capital in
vested is correspondingly higher, being
n trne over 1-2 per cent per annum
rcckoncd at simple interest added at
the end of two years.
At the present moment. just after the
first of the new certificates have been
issued, !; looks as though they might
be a competitor Of the successful twelve