The Victory Loan was successful. Mr. Chamberlain announced on Thursday
week that the new subscriptions for Funding Loan or Victory Bonds amounted to E539,000,000. This represents about £450,000,000 in cash, to which must be added £9,600,000 from the sale of War Savings Certificates. Stock to the value of £169,000,000 was converted into the new Loan, which thus amounted to £708,000,000—the precise total of the National Debt on the eve of the war. The ready response of the nation to Mr. Chamberlain's appeal will do much to re-establish confidence in our financial stability.