19 AUGUST 1916, Page 2

Proceeding, Mr. McKenna said that our total national wealth— capital

wealth—was estimated at 15,000 millions sterling. Thus our national indebtedness would be leas than one year's national income, and not one-sixth of the total national wealth. "We shall collect a revenue in one year equal to 20 per cent, of the whole debt in one year, and we shall be able to pay out of exist- ing taxation the interest on the debt and a considerable sinking fund, and will still have a large margin for the reduction of taxa- tion. That is, on the 31st of March next." Without laying himself open to the charge of optimism by venturing to predict when the war would end, Mr. McKenna was at least optimistic enough to declare that we should be able to maintain our credit to the end of the war, no matter how long it might last.