Preliminary Economic Studies of the War, Issue 7

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Page 65 - As the Chancellor of the Exchequer put it to parliament, "The government wanted to get these securities, as far as possible, into one hand, so that they might be controlled and used for the purpose of paying our debts in the United States. They believed that these securities would afford us a very great resource which would be fully sufficient to meet our Obligations.
Page 14 - In order to facilitate fresh business and the movement of produce and merchandise from and to all parts of the world, the joint stock banks have arranged, with the co-operation, if necessary, of the Bank of England and the Government, to advance to clients the amounts necessary to pay their acceptances at maturity where the funds have not been provided in due time by the clients of the acceptors.
Page 12 - His Majesty may by Proclamation authorize the postponement of the payment of any bill of exchange, or of any negotiable instrument, or any other payment in pursuance of any contract, to such extent, for such time, and subject to such conditions or other provisions as may be specified in the Proclamation.
Page 40 - The House of Commons, in fact, dispenses for the time with its power of control, and grants a sum of money in gross, and without the usual limitations to the Treasury as being the central department of finance, to which it leaves the responsibility of distributing the money in the manner best calculated to meet the emergency.
Page 32 - There is no record," said Mr. McKenna, " of a nation having voluntarily accepted liabilities bearing so high a proportion to the total national income for which provision is to be made within a single year." He then went on to describe the measures which were to be taken to provide 107,000,0002. by new taxation. The income tax was to be increased by 40 per cent. ; the exemption limit was to be reduced from 1602. to 1302., and the abatements from 1602.
Page 20 - Government will arrange with the Bank of England to advance to lenders to whom the scheme is applicable 60 per cent, of the value of the securities at present held by the lenders against any loans which they had outstanding on July 29th, 1914, such securities to be valued for the purpose of the advance at the making-up prices of the July 29th settlement* :— («) The Bank of England may at their discretion refuse any application.
Page 13 - England will be prepared for this purpose to approve such bills of exchange as are customarily discounted by them and also good trade bills and the acceptances of such foreign and colonial firms and bank agencies as are established in Great Britain.
Page 14 - ... The Bank of England undertakes not to claim repayment of any amounts not recovered by the acceptors from their clients for a period of one year after the close of the war. Until the end of this period the Bank of England's claim will rank after claims in respect of post-moratorium transactions. (4) In order to facilitate fresh business and the movement of produce and merchandise from and to all parts of the world the...
Page 20 - ... the conclusion of peace or after the expiry of the Courts Emergency Act of 1914 if that should happen first.
Page 95 - It would extinguish debt to that amount, and reduce the interest on debt by one hundred and twentv millions. In doing so it would nearly balance our budget and preserve our national solvency. The levy would be graduated — say, 5 per cent on fortunes of £1,000 to £20,000, 10 per cent on £20,000 to £50,000, up to 30 per cent on sums over a million . . . [The individual] would pay it in what form was convenient, in his stocks or his shares, his houses, or his fields, in personalty or realty.1...

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