So far, except the issue of the "Treasury Bills, the main efforts in England were towards allaying the panic and setting right the dislocation in trade. A daily expenditure of about £1/1,280,000 for the carrying on of the campaign necessitate ed the recasting of the whole budget. On November 17 the ~Chancellor of the Exchequer made proposals to meet the additional =xpenditure up to March 31, 1915. The total estimate of ordinary and war! expenditure amounted to £535,000,- 000 and provision had to be made for £339,571,000. A-full year of war was estimated to cost at least 'The chief proposals agreed to by the House of Commons were: (1) doubling' the income-tax; but during the present financial year the' tax would be collected only in ~espect of one-third of income; (2) ex-
Text read from the printed page and cleaned; old type leaves the occasional error.