Finance—Public & Private
Britain's Financial Triumph
THE success of the conversion of the 5 per cent. War Loan has surpassed all expectations. I notice that in some quarters there is a _disposition to compare the success which has just been achieved by the present Chancellor of the Exchequer with that which was accomplished in 1888 by the late Lord Goschen. Without, however, in any way disparaging the magnificent achievement of Goschen, I think that having regard to all the circum- stances the two conversions are scarcely comparable. In the conversion of 1888 the Chancellor of the Exchequer had to deal with a National Loan of about £600,000,000, and although, of course, at that time the amount was regarded as colossal, the conversion was only from 3 per cents. into 2I per cents. with a final further reduction of per cent. some fifteen years later. Not only so, but at that time the country was normally prosperous and with an almost nominal income tax.
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