28 JUNE 1919, Page 3

So long as the Government have on their hands a

countless number of short-dated Loans, Treasury Bills, Ways and Means Advances, and Exchequer Bonds, they cannot re-establish the credit of the whole community. They cannot be sure that they will be able to meet their liabilities, for they would be called upon to pay out huge sums in the near future, The only way in which the Government can proceed with safety —we mean the safety of the nation, not the safety of the Government—is to fund all these previous Loans in order to defer meeting liabilities, to re-establish credit, to help industry, and to stabilize the foreign exchanges. By subscribing to the new Loan, which is really the most important of the whole series of Loans, every man is helping himself and is playing for his own hand.