BRITISH CREDIT ENHANCED.
There can be no question that the brilliant success of this largest conversion operation ever known must enhance British credit both at home and abroad. I have already referred to the fact of the Loan being nearly four times as great as that represented- in the Goschen Conversion of 1888, but it must be remembered that the present conversion has been achieved after years of great adversity following upon the War, and it has been achieved at a moment when the nation for some years has been struggling under the load of a most onerous Income Tax, and in addition has been suffering from unparalleled trade depression. A year ago, indeed, the finances of the country were in a truly parlous con- dition, and one explanation of the success which has now been achieved is undoubtedly to be found in the fact that the support of the nation was behind the National Government in its heroic attempt to repair the infinite harm done to the national credit and to the whole country by the extravagances of successive Govern- ments over a long period of years.
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