66 Hoiv to Pay for flic War 



a chapter in her book just when the information was so 

 badly needed. 



We are glad to see that the present Chancellor of the 

 Exchequer shares our opinions, for, according to the 

 London Daily Telegraph, in replying to a deputation, he 

 referred to the important part which finance would play in 

 the War in these words : — 



" In my judgment the last few hundred millions may 

 win this War. The first hundred millions our enemies 

 can stand just as well as we can ; but the last they cannot, 

 thank God, and therefore I think cash is going to count 

 much more than we can possibly imagine at the present 

 moment. W^e are only at the beginning now. Of course, 

 if we have great victories and smashing victories that is all 

 right, but then they may not come yet. We may have 

 fluctuations, and thmgs may last long. 



" We are fighting a very tough enemy, who is very well 

 prepared for the fight, and he will probably fight to the 

 very end before he will accept the only conditions upon 

 which we can possibly make peace, if we are wise. 



" We financed Europe in the greatest war we ever 

 fought, and that is what won. Of course, British tenacity 

 and British courage always come in, and they always will ; 

 but let us remember that British cash told, too. When 

 the others were absolutely -exhausted we were getting our 

 second breath, and our third and our fourth, and we shall 

 have to spend our last before we are beaten." 



In order, however, to obtain these millions to spend in 

 the art of war, some one, and many a one, has to make 

 them in the arts of peace, and that takes us back to the 

 question of the trade war, to carry on which the manu- 

 facturers and merchants of the Empire are being trained 

 and mobilized. This War also needs financing, although, 

 thank goodness, only in pence or even farthings compared 

 to the millions that will go into the melting-pot before 

 peace is proclaimed. 



For this reason, if I were the Chancellor of the 

 Exchequer, I would arrange through the Board of Trade 

 and the leading mercantile houses to consolidate the 

 Empire's commercial interests in some such way as the 

 following, so as to enable the rank and file of young 

 Englishmen who have hitherto been di5K:ouraged from 

 carrying on a trade war overseas, to do so now with as 

 great a vigour and with the same chances of success 

 as is likely to be ours in connection with the other war on 

 the Continent. 



