The sun., 1918-04-23
MUST LEAN ON AMERICA.
Chancellor Says His Anticipa tions
.~ Have Been FulAllea.

LONDON, April 3:.-Andrew Bonar
Law. Chancellor OF the Exchequer. in in
Producing the budget In the House OF
Commons to-day said 1t was s14.s6o.-
ss5. 900. the largest In the history Of tho
world. and he desired to present the
situation as briefly as possible.
His anticipations as to the assistance
given to the Allies by the United States
had been fulfilled. Despite this assistance
the British loans to the Allies In the last
year were s2.5cs.0oo.0o0. The United
States had advanced to all the Allies
A.75o.ooO 900.
at Is only necessary for u.s." said the
Chancellor. ITO lean on the United
States to the amount the other Allies
lean on US. In other words, we are self
supporting.
He had been in communication with
Secretary McAdoo on the subject Of
these complicated loan transactions. and
with Mr.. Crosby. head OF the financial
mission to Europe. who was on the point
Of returning to Washington to consult
his Government.
IT have made certain suggestions re-
garding advances to the Allies" con-
tinued the Chancellor, (which II adopted
will lessen our burden considerably
without in any way increasing the total
obligation to the United states"
Reginald McKenna. former Chancellor
Of the Exchequer. applauded Mr.. Bonar
Law, and in the course Of some mild
criticisms urged that the United States
should take over from Great Britain the
burden Of financing the Allies while
Great Britain confined Its attention to
financing itself.
Mr. Bonar Law interposed to say that
that was the kind Of arrangement he
proposed to adopt.
Giving the figures Of the revenue for
the last fiscal year. which amounted to
a large increase over the
preceding year. he said that this was
very gratifying. but that the real test
OF the financial position would come
when Britain ceased to rely upon bor-
| rowing.
Approximately H.2lo.250,ooo will be
year. leaving a balance of nearly $l0.'
$50, 1876, 100 to be borrowed.
Appreciates Canada's Help.
The Chancellor expressed the Gov.
ernment's appreciation Of the hearty CO.
operation on the part Of the Canadian
Government In assisting to finance the
| war. He considered II possible that the
alteration Of the arrangement with the
United States In the method of making
advances would result in loans to the
Allies being reduced to $500 100000
and to the Dominions 1850. 10000
He pointed out how small the ad
vances to the Dominions had been dur
| ing tho war, showing how great was tho
desire. not only In Canada but In thu
other dominions to carry on the war ou
| Of their own expenditures.
| The additional taxation proposed. said
tho Chancellor. would In the full year bt
| equivalent to 66 per cent OF the ante
bellum revenue from taxation. The
financial strength or tho country afteI
three years of war was greater thar
any one could imagine and was amaz'ns
testimony to the stability Of the nation
Foes Daily Expenditure Same.
Mr.. Bonar Law said that Gemany'i
taiiy expenditure was 331.250.000, prac
tically the same as the British. but thu
German total did not include varioui
charges borne by the Central Govern
ments here. The total German votes o.
credit amounted at the present time Il
S31. 10000 900.
Assuming that the German estimate;