§ 67. Mr. OUTHWAITEasked the amount subscribed last week to the National 'War Loan and the amount that has to be subscribed per week to make up the deficit between taxation revenue and expenditure?
§ Mr. BONAR LAWThe proceeds of National War Bonds paid into the Exchequer during the week ended 4th May were £12,596,000, which is much below the average weekly receipts. The expenditure and the revenue fluctuate greatly from week to week. On the basis of the Budget Estimate, the deficiency to be made good by borrowing from all sources in the year is just under £41,000,000 a week on the average.
§ Mr. OUTHWAITECan the right hon. Gentleman give any reason for this falling off of half the subscriptions to the Loan, in view of the statement that his Budget would give further encouragement to the lender?
§ Mr. BONAR LAWNo. I cannot give any special explanation. I may say that we expected that there would be a falling off in May. I am told that part of the reduction, especially in War Saving Certificates, is due to the efforts of the 2326 pacifists, who are trying to discredit the Loan, although they have not been very successful.
§ Mr. OUTHWAITEIn view of that statement, is the right hon. Gentleman aware that the only efforts of the pacifists in that direction are to show the country what an incompetent and corrupt Government they have?
§ Mr. BONAR LAWHowever bad the-Government is, money is necessary if the War is to be continued.
§ Mr. D. MASONIn view of the fact that there is a very large increase in short term floating indebtedness, and in view of the poor response to the War Bonds, would the right hon. Gentleman not consider the advisability of issuing a new popular loan?
§ Mr. BONAR LAWThe hon. Member must feel certain that these considerations are not absent from our minds, but these War Bonds have succeeded to a far greater extent than we expected. A special effort was made for the purpose of being able to meet the deficiency.