Evening star., 1940-03-07
Got the Money, Too

Great Britain spent some ten
billion pounds on her part in what
the late Sir Philip Snowden. subse-
quently chancellor of the exchequer,
termed the colossal tragedy" of the
first World War. Those four calami-
tous years left the British nation with
a debt of over seven billion pounds.
In well-remembered broadcast to
the United States during the London
Naval Conference of 1880, Snowden
pointed out that Britain had to
raise each year from taxation sum
of three hundred and fifty million
pounds for the mere service of this
debt-that is, interest charges, with
out making any appreciable impress
sion on the amount of the debt itself.
At the current rate of repayment
ten years ago-the chancellor of the
exchequer explained that it would
take one hundred and forty years to
liquidate the obligation. Snowden
quoted other figures to bring graph
ically home to American ears the gi-
gantic World War burden the British
were still shouldering. Taxpayers,
he said, had to pay for debt services
one million pounds day, forty thou
sand pounds an hour, over six hun
dred pounds minute. 1t took the
whole-time labor of two million
workers, year in, year out, to produce
the means to pay the annual cost of
the debt service.
This staggering load of debt, for it
has not been curtailed substantially
during the decade since Snowden's
tabulation, is still being carried.
That is circumstance which lends
more than ordinary interest to the
announcement that Britain's first
big war loan during the present
European conflict-three hundred
million pounds-will be issued on
March IL. It will be f1oated at par,
bear three per cent interest, and
extend for period of fifteen to
nineteen years. The treasury reserves
the right to redeem the bonds at par
on or after October IS, 1855.
That John Bull will subscribe lib
orally to the new issue is hardly to be
questioned, in the light of the patri-
otic unity and resolution, if devoid of
"hurrah" enthusiasm, with which
the whole British Commonwealth of
Nations from the outset has accepted
the challenge of Hitlerism. If the
man in the street, who is always
heavily relied upon to make war
loans a success, did not know it
before, he is aware, after the German
governments clustering confessions
to Undersecretary of State Welles,
that the real war aim of the Nazis
Is to destroy the British Empire lock,
stock and barrel. Once that is
brought home to your average Eng
lishman, Scotsman and Welshman,
not to mention many Irishmen,
enough is said and done to fire them
with fierce determination to fight
to the bitter end-to show once
again, in the words of their ancient
couplet-that 1--WE don't want to
fight, but, by lingo, if we do, we've
got the men, we've got the ships and
we've got the money, too."
The decision to borrow three hun
dred million pounds is, of course,
prima facie evidence of the Cham
berlain governments recognition of
war realities-of it's realization, in
the Prime Minister'S own words, that
"even grimmer days are ahead" But
Sir John Simon is on sound ground
in asserting that the confidently
anticipated subscription for the new
loan will not only sustain the Kings
fighting forces. but impress foreign
countries, including Germany, with
"Mr. Britling's" unshaken purpose to
"see 1t through" whatever the cost
In blood or treasure.