Mr. Bonar Law on March -7th moved a Vote of
Credit for £600,000,000, which is based on an estimated daily expenditure of six and three-quarter millions. In doing so he reviewed not only the finances of the country, but our military position ; and in dealing with the latter he faced unpleasant facts boldly. The financial problem is secondary ; we must go on with the war, no matter what the cost may be, even if we have to pass the stage of financial exhaustion. Regarding the Western Front, Mr. Bonar Law admitted that Russia's withdrawal had altered our position for the worse. But while some thirty German divisions had been released and come to the West, we still have a slight superiority both in men and guns. Yet Austria might send further reinforce- ments, and- German captures of Russian artillery might make us inferior in guns. But guns were limited by their supply of ammuni- tion and -by the efficiency of their " eyes " ; and our Air Service has undoubtedly the upper hand. For the much-advertised German offensive, which " ought to be coming," we were ready, thoroughly prepared as to defence.
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