ans that every citizen
in the country is invited to subscribe as much as he can to help us to
a complete and speedy victory. I need not dwell on its attractiveness
from the mere investor's point of view. Indeed, the only criticism
which I have heard in or outside the House of Commons is that it is
perhaps a little too generous in its terms. That is a fault, if it be
a fault, upon the right side.

For L100 in cash you get L100 in stock, with interest at 4-1/2 per
cent. on the credit of the British Exchequer. The loan is redeemable
in thirty years, when every subscriber, or those who succeed him, must
get his money back in full, and the Government retain an option to
repay at the end of ten years. That is the earliest date on which any
question of re-investment can arise. Further, the stock or bonds will
be accepted at par, with an allowance for accrued interest as the
equivalent of cash, for subscription to any loan that the Government
may issue in this country throughout the war.

I want especially to emphasise that this is for the first time in our
financial history a great democratic loan. The State is appealing to
all classes, including those whose resources are most limited, to step
in and contribute their share to meet a supreme national need. The
Post Office will receive subscriptions for L5, or any multiple of L5,
and will sell vouchers for 5s. and upwards which can be gradually
accumulated, and by December 1st next turned into stock of the new
loan.

Every advantage which is given to the big capitalist is granted also
in the same degree to the smallest supporter of the country's credit
and finance. And, under such conditions, I am confident that the
success of the loan as a financial instrument ought to be, and indeed
is now, absolutely secured. (Cheers.)

This meeting was called not only to advertise the advantages of the
War Loan, but to initiate a concerted national movement for what may
be called war economy. My text is a very simple one. It is this:
"Waste on the part either of individuals or of classes, which is
always foolish and shortsighted, is, in these times, nothing short of
a national danger." According to statisticians, the annual income of
this country--I speak of the country and not of the Government--the
annual income of this country is from two thousand two hundred and
fifty to two thousand four hundred millions, and the annual
expenditure of all classes is estimated at something like two