17 FEBRUARY 1917, Page 2

year ending with March, the Votes of Credit will have

amounted to -£1,950,000,000. • From the beginning of the war to March 31st, the total expenditure will be £4,200;000,000. Despite a heavy-increase of taxation, the National Debt will then stand at over £3,800,000,000, of which £890,000,000 represents loans to the Dominions and the Allies, leaving nearly £3,000,000,000 to our sole account. The daily expenditure has increased from £4,520,000 to -£5,790,000 during the current year. The Navy, Army, and munitions taken together are costing £4,020,000 per day. We discuss these stupendous figures elsewhere.