THE NATION'S NEED 



The following manifesto drawn up and signed by a number of bankers 

 and others in close touch with financial conditions in Great Britain has 

 been given wide publicity throughout that country. The close touch that 

 exists between Canada and Great Britain, particularly in financial matters, 

 renders it almost equally applicable to Canada. 



At this time of great national danger it is imperative that every citizen should realize 

 the vastness of the work that Great Britain has to perform and should so act that the 

 full strength of the nation may be put forth. Not only must everyone pull, but, in 

 order that the work may be well within the nation's strength, all must pull together. 



The Allied fleets have driven the enemy's ships from the seas, and have established 

 a blockade of the enemy's coasts. The enemy are thus prevented from carrying on 

 their foreign commerce except to a very small extent, their income is seriously curtailed 

 and their financial strength diminished. Moreover, the fleet has enabled both the 

 British people and their Allies to draw abundant supplies of food, of material and of 

 munitions from all parts of the world, to conduct their foreign commerce much as 

 usual, and to maintain their income at a high level. The closure of the Dardanelles 

 and of the Baltic is, indeed, the only remaining impediment to the overseas commerce of 

 the Allies. 



On land the Allies have added steadily to their military strength from week to 

 week ever since war began, not only actually but relatively to the enemy. Germany's 

 hopes of victory depended upon a short and swift war. These hopes have been com- 

 pletely dispelled. 



In a long war success depends mainly upon the respective financial resources of 

 the combatants, and the consequent power of one of them to maintain, or to add to, 

 its fighting strength when the other's is declining, or is not capable of expansion. It is 

 not in doubt that the financial resources of the Allies, when fully mobilized and wisely 

 controlled, will be vastly greater than the enemy's. 



Therefore, the enemy's efforts have been directed to three essential matters: — 



(1) To seize victory before the forces of the Allies could be mobilized in over- 

 whelming strength. 



(2) To reduce the economic and financial strength of the Allies. 



(3) To prevent the Allies from making or purchasing sufficient equipment and 

 ammunition for their ever expanding forces. 



The endeavours of the enemy to accomplish these objects have been completely 

 frustrated by the co-ordination of the armies, of the financial resources, of the equip- 

 ment and of the munitions of the Allied nations. The success of the Allies in defeating 

 the enemy's efforts to cripple them in men, munitions and money before they could 

 assemble their full strength has now brought the war nearer to its final stage. The 

 Allies have assembled new armies of overwhelming strength in France, in Russia, in 

 Italy, and in Great Britain, and everything needed to equip them and to supply them 

 with munitions has been secured, or is in process of manufacture. Indeed, only one 

 thing is now needed to command victory. The only thing remaining to be done is to 

 provide all the money needed to support these great armies of new men, and to pay for 

 the vast quantities of arms and munitions now being manufactured in all parts of the 

 world. 



The task of finding the greater part of the immense sums of money needed by the 

 Allies is the special duty of the British people, for they in particular possess the necessary 



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