Order of release
TI-IIS week's good cause is War Loan. There must still be some patriotic holders who have stuck to it through thin and thinner. Sixty-eight years ago — on 30 June 1932 Neville Chamberlain as Chancellor cut their dividends by 30 per cent. So, having paid for the war to end war, they had to pay for the peace to end peace. War followed, and then a peace that brought inflation with it. They had to pay for that, too. There is still almost £2 billion of War Loan in issue and it stands at a discount of 271/2 per cent to its nominal value, even in today's depreciated pounds. Now Neville Chamberlain's successor has run up a surplus of £22 billion and means to invest it in government stock. He should begin by redeeming War Loan and giving the veterans their order of release. They are owed it.
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