16 JANUARY 1926, Page 35

- - - - - _LA-ROE - FUN - DS IN HAND. _

Already it is being freely reported that the cost of the coal subsidy will be met by an addition to the National_ Debt in one form or another, and probably in the shape.. of 'Treasury Bills, and this view is borne out to some' extent by the action of the Government last autumn in making a somewhat unexpected issue of af per cent. Conversion Loan. It will be remembered that £40,000,000i was offered at a price giving a net yield to the Exchequer of round about £80,000,000, and at the time nothing. was said as to the object Of the issue, though it was popularly assumed in the market that the proceeds might be used for repayment of Floating .Debt.. _A good- many, however, felt at the tiniethat in view of the coal subsidy the money might be required . to meet any possible shortcomings in the Accounts, and at the time -of -writing it certainly looks. as-.though this- extra--money Might be needed by Churchill for some such purpose.