26 FEBRUARY 1916, Page 3

The loans to Allied Powers up to February 19th amounted

to £168,900,000. The Government hoped to repay "substantial rams "to the Bank of England before the end of the financial year. They did not yet know what they would have to pay for American securities. Every effort was being made to observe economy with the help of Committees of business men in all departments of naval and military expenditure. So far as satisfaction can be imported into an atmosphere of such figures as these, it was imported by Mr. McKenna, who said that he was well content with the present American exchange. Britain was still the only open gold country in the world, and the Bank of England had enough gold to meet still tho paper money in circulation. With prudence our credit was assured however long the war might last.