We agree with Mr. MeiCenna that what makes the marvel
so great is that only what he described as "available resources " could he tapped. The markets have been prac- tically closed for the sale of all securities, and therefore thousands of people who would have been willing to sell out other stocks and subscribe to the Loan were unable to do BO. Only balances at the banks and prospective savings could be used to fill the national coffers. The money subscribed is really new money, and not merely a change of investment. We are glad to note that Mr. McKenna gave a well-deserved rneed of praise to the Press, which had given its unanimous assistance. He thanked it for the efforts it had made to secure the success of the Loan. The Chancellor of the Exchequer also expressed his great appreciation of the way in which the work bad been done by the Bank of England. The labour entailed had been gigantic. "This," he ended, "has been an exhibition, a necessary exhibition, of the un- rivalled resources of the British Empire. They have been thrown into the scale in this war, and it is a declaration to our allies and to our enemies .alike that this United Kingdom will prove faithful to its trust in the cause of the Allies."
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