The magnificent success of the War Loan affords tri- umphant
proof of the strength and solidarity of our financial position. This success, however, must not blind us to the tremendous financial strain of the war, or make us think that we can lightly waste our money and refrain from any anxious thoughts as to the future. We are certain to want to raise yet more money, and that before another year is out, and we can only do this if we make the success of this week the first step on the road to national thrift. Instead of toasting the success of the Loan in champagne, we must cut off every un- necessary luxury in order to save for the next appeal by the Government. Further, we must never forget the fatal facility of borrowing. Borrowing means paying interest, but paying interest out of borrowed money is the royal road to national as to private ruin. Therefore we must at once begin to prepare for new taxation sufficient to meet the interest on the new Loan. We have now borrowed over a thousand millions. This means some £45,000,000 a year in interest. Besides the increases already made, we must devise new taxes and get money when and where we can. Our first resource must be a universal Income Tax. In addition to this, as we have pointed out elsewhere, we want to see taxes on such things as amuse- ments and advertisements. The Post Office must be so handled as to become once more a strong source of revenue.
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