New-York tribune., 1918-08-02
New Vote of Credit
AskedbyBonarLaw
F or $500, 100000
Huge Amount Requested to
Garry on War Till End
of October
Sets British Record
Chancellor Says Allies and Do
minions Now Owe England
$8,O52,5OO,O00

LONDON, Aug. 1.-Asking for vote
of credit of $500, ,0O0,o 900 in the House
OF Commons to-day, Andrew Bonar Law,
Chancellor of the Exchequer. said the
largeness of the amount was not due to
increased expenditures, but to the fact
that Parliament was about to adjourn.
lie hoped, he said, that not more than
one more vote would be necessary be-
tore the end of the financial year.
The vote asked is the largest in the
history of the country 1t is intended
Tor carrying on the war until the end
of October
The Chancellor said the expenditures
on the army showed an increase of
S4o'ooo,00o over the estimates. Loans
10 The Allies and the Dominions had
oeen less than the estimates by s113.-
100000.
Analysing the expenditures under
the various heads, the Chancellor ex-
planned that the increase of $4,000
ooo IN the army expenditures over the
estimate of the current fiscal year was
due to the fact that the strength of
tne army was greater than at the time
the budget estimate was framed.
negardlng loans to the Allies and
the dominions, Mr.. Bonar Law said
tne debt due Great Britain at the end
OF the last financial year was s6.66O.-
1oo,o00 from Allies and s97O 900 900
from the dominions. The debt dne
from the Allies now, he added. had
reached a total of s7,O1O,O 900 900 and
from on the dominions s1,O42,5 100000.
Inc amount that had been loaned TO
Hussla was $3.50, 900, 900, the Chancel-
Tor said, and to France 5000, 900 900
had been lent; to Italy, 81 ,565 900 900.
and to Belgium, Greece and smaller
nations $685. 100000. 'iei
Mr. Bonar Law said that in 1915
Great Britain had agreed to give to
the Italian exchequer monthlv
credit to be used to help Italian ex.
cnange. A similar contribution. the
Chancellor added, was being made bv
america, and France also would help.
-, Ihe rate of interest charged, the
CHANCELLOR said was per cent, which
was below the rate which the govern
ment was paying.
Mr. bonar Law estimated that the
last vote would carry on until the end
OF August; that the estimate would be
realized, and the balance would nroha-
ply last until the first week in Sen
tember
Under-Spending
Taxing the period from April to
July 80, there had been under-spendjng
to the amount of $1O6,5OO, coo en- the
tour lighting services; there had been
understanding on shipbuilding, owing
TO the need of taking men from the
shlpyards for the army; there had been
over-spendlng on the army, owing to
the fact that the ration strength was
higher than had been anticipated.
Il should like to make reference to
Chancellor, because the German gov
eminent has spared no effort to create
the impression that Italy is being util-
lied and exploited by all the Allies,
especially Great Britain. In 1915 Great
Britain agreed to give to the Italian
exchequer monthly credit to be used
to help Italian exchange. similar
contribution is being made by America,
and France will also help. These eff
forts have already met with success.
Advances to Italy
Besides, Britain has advanced TO
Italy $1,565, 900 900, all paid in gold,
This has enabled Britain to supply the
Italian government with munitions and
equipment for the army and food and
other articles for the civilian popula-
ton. The rate of interest charged is S
per cent, which is below the rate the
government is paying"
Mr.. Bonar Law referred with salts
faction to the favorable food situation
and the great success of the continuous
borrowing system by means of sales Of
war bonds, ETC., which during the last
nine months amounted to more than
S4,965 100000, or nearly SO per cent
more than in the CORES ponding period
of last year. These results had been
far beyond his expectations