In the House of Commons on Monday Mr. Boner Law
announced that the War Loan had exceeded all expectations. The amount of new money subscribed, he raid, was at least £700,000,000; and this did-not include direct contributions from the banks. The number of applications on the last day was scr great that, although the officials had been working day and night; two to three hundred thousand' ef these applications had not yet been dealt with' when Mr. Boner Law spoke. Obviously £700,000,000 is a very conserva- tive estimate of the total. Wie can heartily congratulate the Chancellor of the Exchequer, and those who planned. the campaign in the country, and the nation which-responded so patriotically, on this magnificent result. Mr: Boner Law's belief that 5 per- cent, was a high enough rate of interest, though many of his-advisers are said to have recommended 6 per cent., has been amply justified. A strange fact in the history of the Loan is that hoarded gold was produced in several parts of the country. At last the cantious and ignorant souls who hitherto had sacrificed all interest on their money have come to see that " the Old Country is the best investment."
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