ABSTRACT
IT is easy enough for a Government to postpone taxation, at any rate in the earlier months of a war, but it cannot postpone its expenditure. Millions of money have to be paid out every week as soon as the war begins, and later these millions are paid out every day. Since our Government lacked the courage to raise the money by taxation, for Mr. McKenna came to the Exchequer too late for an effective reversal of the financial policy adopted in the first ten months of the war, it has had to raise larger and larger War Loans.
