The Navy's Demands The Naval Estimates, with their provision for
an increase of more than £9,000,003 over this year's figures, arc the first instalment of demands by the three service which will raise the service estimates in the coming year by a total of £31,000,000. That, moreover, is only for expenditure already contemplated, and has no relation to the White Paper proposals. How the plains there outlined will be financed is not yet indicated. There has been confident talk of a £300,000,000 loan, and it is oh i ms that the programme cannot be borne by the annual Budgets. But it is well to bear in mind the argument, set out by a writer in our columns last week, for amortisa- tion of the loan within the normal life-time of the armaments purchased with it ; any other course would be profligate finance. As for the present estimates, they are to be justified by the same arguments adduced III favour of the White Paper proposals--with this differ( Inc, that they represent demands put forward under an, admittedly unto-ordinated, and therefore unsatisfactory, system. If the new arrangement for the appointment of a Minister . to keep the requirements. of the three services in proper relation with one another goes through there will be more confidence than there is today that due economy is being observed and that the vast .sums voted are expended to the best advantage.
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