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I Sir Edward Holden's masterly review of the British and the German war finance contained cert.%l ii points of particular cogency at the moment. He indicated that we have much to clo to equal the standard set by the enemy in his war loans. Much has been written in disparagement of the latter, but the fact remains that an enor-; mous number of Germans have signified either their faith in their. country's victory or their resolution to sacrifice for its sake—, nearly six miHions in the last war loan I a.lOl: And there, is the utmost gignincH.nc? to be attached to the&e donations of small sums, their little all--they are a far finer test of the spirit of a. country than the con- tributions by the large public and private 1 corporations. We have far to go to ap- proach that standard in this country. We see in the figures given by Sir Edward HQlden no justification at all for nine-tenths of. the deprecatory criticism which en. deavours to..make out every enieny loan a failure. When nearly 17 million individual subscriptions are made, there is clear evi- dence of a. spiiit of high determination and sacrifice^ II' A point, of in.iCI.th.at':>de",pjte, the mlteh MnaJler scale with which we commenced and waged the war. lanrl the cheaper cost of er, rates of I pay and a etc. -the war has cost lis. with all our prodigal rate of expendi- ture, about the some as the German Empire in" money borrowed from nne source and another. 'It. might have been exported that allct!ller.I'?, iliigiit -NI)t-,cted t,iat be? conMder?jly in excels, for the lesser number of men we put in tlw field at the eorofrteneement was, as n factor in keeping discounted by our ex- tru.'?g.tnt methods, the immense <?pem-e !"f ttnprovisH.tion. Ia\?h pay and allow- ances (sone Colonia- privates draw d.iily a,s much all (?iei?malis) and ad- vances to cxp?neiive a.Hiea. On the other band, there'? little comparison between the II aibihty of the two countries to bear the huge debts whioh have been piled up.

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