We have written elsewhere on the general expenditure, but may
say here that the new Vote is to supply the necessary funds up to the first week in January. Mr. Boner Law made a handsome acknowledgment of the great financial assistance which has come from the United States at a time when she herself is spending money at a heavier rate than any of the Allies. He had decided that the introduction of a Supplementary Budget would be against the interests of the country, but he warned the House that the second half of the year would be less favourable than the first half owing to the Government policy of subsidizing the loaf and largely increas- ing the pay of our sailors and soldiers. He compared the financial position in Germany with our own position, very much to our own advantage, and he expressed his confidence that, though we could not bear the strain indefinitely, it would not be want of money that would prevent us from winning the war. After the war the extent and rapidity of our recovery would depend upon our credit, and our credit in its turn would depend upon the nature of our victory.
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