19 FEBRUARY 1916, Page 2

Turning to the " sinews of war," Mr. Asquith commented

on the unprecedented nature of the problem. It was not a question of gold, but of all commodities and of shipping. Another very large vote of credit would be necessary. The figures staggered the imagination. A sensible and even a serious strain would be imposed upon the country for a genera- tion to come. How could the burden be met ? There must be new and extremely heavy taxation, but it must not be of a suicidal kind. Our credit must be maintained by keeping up our production and our export trade, so far as this could be done without injuring our military preparations ; and, for the rest, it was essential .to cut down unnecessary imports. The strain would be great, but not greater than we could bear,