In the House of Commons on Monday Sir Michael Hicks-
Beach made his financial proposals in regard to meet- ing the 210,000,000 voted for war purposes. He calcu- lates that in the current year he will have an excess of 23,000,000 of revenue over ordinary expenditure. This 23,000,000 he allocates for the war, and he also proposes to take power to raise 28,000,000 in Treasury bonds. The question of how these 28,000,000 are ultimately to be met he leaves over till next April, but he expressed the opinion that the taxpayers of the Republics ought properly to be called upon to pay a part of the cost of the war. He stated inci- dentally his opinion that it would not be right to make any permanent addition to the National Debt, except in the case of a war waged with a first-class Power. On Wednesday Sir William Harcourt, who had missed being at Monday's debate owing to a mistake, criticised the proposals on the ground that no proposal was made for meeting the war expenditure out of fresh taxation. He acquiesced, however, in the general unanimity with which the proposals were agreed to by the House. Accordingly the Finance Bill was read a second time without a division.
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