ABSTRACT
First published in 1919, this volume explores the causes, nature and possible solutions of the war debt carried by the British Empire in the wake of World War I. Its author, J.E. Allen, was the Hon. Secretary of the Committee appointed to report on the effects of the war on credit, currency and finance. He drew upon his expertise and two previous articles published in the Fortnightly Review in providing this comprehensive analysis. The current proposal at the time of publication was the "Conscription of Wealth" or "Capital Levy", which is discussed here at length. Allen urged that the money required should be obtained through taxation rather than borrowing and proposed here a redesigned income tax designed to generate two thirds of Peace Budget revenue.
