TheWarDebtandHowtoMeetIt 10426574

TH E WA R DEBT
AN D H O W T O M EE T IT
A
WIT H AN EX A M I N A T I O N O F T H E P RO P O S ED
“
CA P ITA L L E VY ”
J . E . ALLE N
M ETH U E N C O. L T D .
36 ES S EX S TRE E T W . C .
L O N DO N
IN T R O DU C T IO N
HE
aim of this litt l e book is to trace
the growth of the Wa r D ebt to ,
examine the real meaning of the

D ebt and to discuss proposals for redeeming
,
it
. S ince the chief proposal hitherto put
forward for meeting the interest and repaying
the principal of the D ebt is the C onscription
of Wealth or the C apital L evy I have ”
,
felt bound to deal with this plan at some

length . Incidentally I ask whether the
,
accepted method o f financing the war 216 ,

.
by borrowing the money required for the

wages o f munition workers for the pay of our
,
soldiers and for the allowances to their

,
dependents is a sound one I venture to

,
.
urge that the money required for these

weekly payments since it is very quickly
,
spent by the recipients should be obtained

,
by taxation and not by borrowing .
M any of the ideas contained in this book

have been gained in my work (since t h e
spring of 1915 ) as H on S ecretary of the
.
C ommittee appointed by the E conomic S ec

tion of the British Association to report on
V
vi TH E W AR D E BT
The E ffects of the Wa r on C redit Currency ,
and Finance and o f the later S ub C ommittee

,
-
on Income Tax Reform ”

But the views .
expressed here must not be taken as being

those of either C ommittee though I believe ,
that the C ommittees and indeed al l econ ,
o mis t s are agreed in deplorin g the financial

,
methods adopted by the G overnment in the

first year o f the war .
The after war burden of taxation must be

-
heavy but it need not be intolerable if t h e

, ,
revenue required is raised by an equitable ,
system of direct taxation ti e a reformed ,

.
Income Tax and not by devices which ,

‘
hamper trade or produ c tion I submit a .
rough plan for the reform of the Income Tax ,
designed t o make it yield about two thirds -
of the revenue needed in a Peace Budget .
Ihave t o acknowledge with thanks the , ,
permission of the E ditor of the F ortnightl y

Re v iew t o reprint parts of my articles on
The C ons c ription of Wealth and The
Wa r Budgets ”
.
J E A LL E N . .
1 MI CO
T RE B I DINU RT U L GS ,
T E M P LE , E C .
4.
j a n ua r y
,
19 19.
C O N T E NT S
C HA P TER
I . TH E W AR D E BT
II . TH E R E S U LT S OF D E LA Y
III . WH O P AY S FOR TH E WAR ?

IV . TH E WAR B U D GE T S
v . G R OWT H OF T H E WAR D E B T
VI . L ANO S OR TA S XE
V II .
'
TH E P EAC E B U RDEN .
V II I . TH E C AP I TAL LE V Y
IX . C AP I TA L CH AN GE S D U R I NG TH E WAR
I N C O M C H AN DU R I N
E GE S G TH E WAR
XI . F U R T H R C O N SI R AT IO N S
E DE ON T H E C AP I TAL
LE V Y
X II . TH E A LT R N AT I V
E E
X III .
A P E ACE U
B D GE T
I NDEX
TH E WAR D E BT
C HAPTER I
THE WAR DE B T
c ons i dering how t he Wa r D ebt
B
EFORE
s h oul d be r e deemed w e must first s e e
h ow it c ame into be ing .
Wh en a w a r begins t he Gov ernment s of

the belligerent countries a t on ce r equire t he
serv ices o f a v a st n umbe r Of me n a nd as t his
, ,
munition gun s transpo rt a nd ma c hine ry for

, ,
their armed for c es .
These requirements mea n that the G overn

me nts must s omehow co mmand t he se rv ioes
o f t he men and wo m en an d mu st secure a
,
constant supply of the commodi ties In the .
ca se o f the cont inen ta l na tions a nd l ater in

, ,
the conflict of our own c ountry and the

,
TH E , W
A R D E ET
U nited S tates the G overnments obtain the

,
services of the men who are to fight by con

scription i e these men are compelled to
,
. .
become soldiers on pain o f imprisonment or

execution In addition they Obt a in pay
.
,
which varies from a few pence a day on the

C ontinent to several shilli ngs a day for our
colonial troops and our American alli es ;
whilst allowances a l so varying in amount , ,
’
are paid to the so l dier s family or dependents .
All Governments also clai m the right of

commandeering a ny parti cular g oods which
they may need with or without payment , ,
and more pa rticularly the right of entering

,
“
, ,
using and taking l and or hous es , .
But most of the commodities are only taken

in return for payment sometimes at market
‘
.
,
prices sometimes a t price s fix e d by G overn

,
-
ment offici als N aturally the payment made

.
,
for l an d a nd houses depends u pon circum

.
stances in the face of the enemy no land

own er or houseowner would ask f or rent ;
'
but when h is property is taken say in ,
Engl and Where the re is no danger from the

, .
.
en emy he may expect a fai r rent Apparently

, .
so metimes relies upon the .
royal prerogative a nd does not admit any

T HE W AR D E BT 3
legal obligation to pay rent this contention ,
however is so clearly inequitable that we may

,
ignore it and assume for economic purposes

, , ,
that a rent is paid in all cases

N
'
.
Th e chief thing which nowadays Govern

ment wants in war t ime is labour ; Behind
the actual figh t in g line there is a second army
-
working on roads and railways sen ding up ,
supp lies o f food and munitions repairing ,
vehicles clothing boots and the other 13m

, ,
e dimen ta of an army Behind them again

p .
comes the thir d army of workers at home who ‘
supply all that is needed by armies at the

front or on the lines of communication In .
no previous war has this third a rmy attained

anything like the dimensions or importance
of the present All these millions of w orkers
.
,
or most of them have to be attracted from

,
,
other occupations into the war factories and

into the offices which manage the enormous
clerical work o f the war It might have been .
possible to secure the services of all these

workers by the same means as the services of
'
our figh t in g men were obtained t e by com

-
, . .
pulsion and no logical obj ection could be

,
taken to such action Indeed a much stronge r

.
case can be made out for univers a l national

TH E W AR D E B T
service in war time than for compulsi on
applied to on e particular kind of service
only.
But no kind of co mpu lsion except the ,
”
appeal to do your bit was applied to war
,
workers ; consequently in order to attract

,
them in sufficient numbers ex c eptionally

,
high wages a n d salaries were o ffered A large .
part of the work required by the Government

is still done in privately owned factories and
-
contractors were urged to increase thei r out

put and to extend their workshops regardless
o f expense . S o they in turn sought to attract
more workers by the o ffer o f high wages In .
some cases contractors were n ot requi red t o

sub mit t enders but were ordered to c arry out
,
cert ain works a nd then t o charge the a c tua l

cost t o t he G overnmen t t a king a s their
,
remuneration a percentage on the total cost .
U nder such conditions and knowing that

,
speed was of great importance it was not to

,
be expected that contractors would haggle

very long over rates of wages especially as
,
they obtained an extra percentage for the m

selves out o f each rise in wages The combined
.
results of all these influen c e s w as a steady rise

in the ra tes of wage s .
T HE W A R D E B T 5
TH E F I R S T S TE P
In normal time s the money to pay wage
‘
earners who are working for the Government

is furnished by taxation and as people can
, ,
not spend in other ways the money which the

Gove rnment takes from them in taxes the ,
amount o f money available for paying wages

is not increased if there happens to be an
addition to the number of Government
workers because there must be a correspond
,
ing fall in the demand for goods and services

on the part o f taxpayers But in war time all
.
-
this is changed It is taken for granted

.
,
thou g h no one has attempted to prove it ,
that as soon as war breaks out nearly a l l the

, ,
extra expenditure of a Government must be

defrayed out of loans and not out of taxes .
It follows from this assumption that W ma ;

Government be
Here we g e t the first serious di fference between

peace fin a n ce a nd war fin a n ce
- -
L arge and
.
increasing sums o f money are paid out every

week in wages to war workers but as this
-
money is not obtained from taxpayers their

pr e war
-
de m and for goods and services
TH E W A R D E BT
continues without serious restriction At t he .
same time the new war workers come into

,
-
the market every week with their wages and ,
compete w 1t h the rest of the community ‘
Consequently price s ris e

, .
There i s a second eco nomic consequence

o f war . A s soon as hostilit i es commence
Governments as we have seen require an
, ,
eno rmous and increasing supply of goods and

services and since the G overnments must
,
have what they require or lose the war it ,
follows that ordinary citi z ens cannot make

their usual demand for food clothing travel , ,
li ng facilities machinery domestic labour

, , ,
and so on without impeding the e fforts of

,
their armies In other words they must not

.
,
spend as much money as in peace time -

.
O bvious as it may appear now this fact was ,
not generally perceived or admitted in t h e

early months of the war at on e time indeed , ,
the fashi onable catchword was business as

usual.
”
H ad it been perceived a most im ,
portant inference could have been drawn ,
on e whi ch might have had a great and most
useful influence on our war finance This .
inference is that all citi z ens above the poverty

line can bear a large addition to their ta x ation
THE ‘
W A R D E BT 7
as soon as war breaks out we have seen th a t

they cannot spend as freely as they used to
spend because o f the demands o f the Army
,
and N avy therefore they ma y j ust as well

,
hand over to the Chancellor of the E xchequer

the surplus which they cannot spend In the .
long run he w ill take this surplus and a good

,
deal more if he takes it at once taxpayers

will be spared several unpleasant conse
q u e n ce s of which,on e is a more rapid growth
o f the Wa r D ebt Having thus explained .
that the facts o f the case demanded a large

addition to taxation as soon as the war broke
out let us set in tabular form the state of the
,
national finances before the war and during

the first year o f war The actual receipts o f .
the last complete financial year before the

war zl e the twelve months ending M arch 3 I st
,
.
,
1914 were a s follows

,
C u stoms
Ex c ise
E sta t e D uti e s
I c n o me P r ope r ty
, , a nd S upe r T a x
O th e r Tx a es
l
T o ta Ta x R e ve n u e
R e c e i pts fro m No n T a x R e ve nu e -
T t lRv u
o a e en e
8 T HE W AR D E BT
The Budget for 1914 15
provi ded for some —
small i ncreases in revenue and e xpendi ture ,
but before the se c ond quarter was half

through the war had begun N o immediate .
steps were taken t o rai se any further revenue ,
but there was so much alarm about the f uture ,
and at first s o much diffi cu lty In obtai ning

ei ther credit or ready money that pri ces did ,
not rise in fact the lu xury trades and shops ,

’
supplyi ng men s clot hing almost c l osed do w n
for want of custom This stage however .
, ,
did not l ast very l ong although a glance at ,
the E conomist s inde x numbers wi ll show that

’
pri ces e x cept for food actua lly fell during

, ,
the first months of war .
Ce re a sl Misccl P e rc e n t a g e
Da t e . a nd M eat . T il
e xt e s. Mme ra l s . l a ne ous . c ha n g e .
I go r 5
-
a v e r ag e 5 00 5 00 400 5 00 10 0
E nd l ul y , 19 14 5 79 6 16 % 4 4%
6 553 I I 6 TS
Aug . 64 1 62 6 4 74 5 8 8
S ept . 64 6 6 1 1% 47 2
% 64 5 12 6 uI
Oct . 65 6 § 5 6 0 45 8 65 2 12 4 2 2
No v 6 84 i '
. 6 83 5 12 4 73 I2 5 s
De c .
7 4
1 5 09 47 6 6 86 5 12 7 13
The change in prices shown above i s exactly

what on e would expect prices of food rise ,
because peop l e must have food and the army ,
is sure t o consume more per head than the

T HE W AR D E B T 9
civil population partly because o f waste

, ,
partly because sol diers in training need extra

food but purchases o f Other things can wait ,
so those prices fall Under a sound system of

.
war finance something of this kind would

have continued all th rough the war : food
prices would have kept very high prices of ,
cl ot hing would have risen as suits and boots

wore out and had to be replaced but prices
o f other things would have fallen because ,
people would not have had money enough to

spend it on things which they could do with
out And if taxation were adequate a further
.
influence working against high prices would

have been added .
TH E F I R S T WAR B UD GE T
It was not until N ovember 17 th 1914 ,
fifteen weeks after the outbreak o f war that

—
the Chancellor of the Ex chequer brought in

his first Wa r Budget This was a very modest
.
measure and was only accepted as a make

,
shift or interim Budget M r Lloyd George

. .
simply doubled the Income Tax as it stood ,
added threepence to the tea duty and raised

,
the beer duty by an amount c alculated to

10 TH E W A R D E BT
increase the re tail price by a halfpenny a
pint .
These additions to e xisting taxation were

assumed to be merely a rough and ready way
- -
o f raising a li tt l e more revenue but every on e

,
expected the regu l ar Budget at the end of the

financial year would be a we ll considered -
measure increasing all O ld taxes whi ch

,
seemed to be open to additions and imposing

new taxes S ince n o change had been made
.
in the graduat i on o f the Income Ta x all the

ol d anomali es were merely doubl ed An .
increase in the rate of the t a x ough t to have

’
been accompanied by an extension to a far

larger number of ta xpayers the limi t of total
exemption e g should have been lowered at
, . .
once t o £ 100 a year .
As time went on the daily e xpendi ture ,
mainly out of borrowed money grew steadi ly , ,
and the necessi ty for increased revenue

became more evident But when April the
.
,
usual Budget month passed without a state

,
ment from the C hancellor o f the E xchequer ,
economists began to be alarmed because any ,
Chancellor who is introducing fresh taxation

naturally wants to start at the earliest
moment in the fin ancial year O n M ay 4t h
.
,
12 TH E W AR DE BT
that the ta x must soon be I ncreased But the .
vast maj ori ty i nclu din g practi c ally all wage

,
earners onl y saw what was obvious and

,
pleasant namely that empl oyment was good

, ,
and wages rising They had more money to

.
spend than they had ever possessed before ,
and they spent it freely encouraged at on e ,
time by the fashi onab l e cry business as ,
usual .
In the first year of war the shortage of

commo dit i es was not acute we had the usual ,
large stock in trade and the check on imports

- -
imposed by G erman submarines was not yet

seriou s C onsequently people could still spend
.
and consume freely A few persons preached

.
economy but Parliament gave no lead

, ,
members being content to pocket their

salaries for doing very little work and t o give
the G overnment a free hand Before M r . .
L loyd G eorge left the E x chequer therefore , ,
this habit of spending had become widespread ,
and it seemed t o be an accepted financial

principle that the war was t o be paid for out
o f loans so long as ta x ation covered the
,
interest and a small redemption fund on

the borrowed money No on e could be
.
blamed for arguing the G overn ment spends

T HE W AR D E BT 13
lavishly Parliament is quite satisfied with the

,
financial situation ; why should I pr e tend

greater wisdom and deny myself the things
which every on e else is buying
CHAPTE R II
TH E RE S U LTS OF DELA Y
T is easy enough for a G overnment to

postpone taxat i on at any rate in the
,
earlier month s of a war but it c annot ,
postpone its expenditure Milli ons of money.
have to be pai d out every week as soon as the

war begins and later these mill i ons are paid
,
out every day S ince our Government lacked

.
the courage to raise t he money by taxation ,
for M r McK e nn a came to the E xchequer too

.
late for an e ffectiv e reversal of the financial

policy adopte d in the first ten months o f the
war it has had to raise larger and larger Wa r
,
L oans .
Whether of necessity or not I t ha s paid , w
e ach s uccessiv e m
We have already noticed that the

'
l oa n .
iii One y p ai d by t he subscribers to Wa r L oans

comes from more than on e source S ome .
people put their sovereigns in the L oan other ,

T HE R E S U L T S O F D E LAY 15
people borrow from their banker for the pur

pose ; large sums are subscribed by limited
companies and lastly the banks put in sub
, ,
s cr pt ion s on their o w n account

i W ithout.
going fully into the question it may be said

, ,
broadly that subscriptions out of savings

,
have no e ffect on pri ces and that other kinds

o f Subscriptions tend to force prices higher
“
they cause what is known as inflation .
The actual p rocess is s imple enough and

can be explained without the use of technical
terms When a man saves £ 100 and buys a
.
Wa r Bond or £ 100 worth of Wa r L oan he

,
,
,
transfers t o the Government a sum of money

whi ch h e might have spent on buying things
for himself and his family With this money
.
the Government buys shells and cartridges ,
ti e pays the wages of the workpeople who

.
make the shells and they spend the money

,
o n much the same kind o f things that the
subscriber could have bought if he had not

.
p ut i t into Wa r L oan .C onsequently the ,
transaction has n o influence on prices But .
if our subscriber borrows £ 100 from his bank

in order to buy Wa r L oan he increases the
,
’
Government s spen ding power by £ 100 with
out reducing his ow n expenditure by on e
16 T HE W A R D E BT
pound C onsequently there is an extra £ 100
.
,
in the market buying food clothes and what

,
not and so prices rise

,
.
B efore the war it was reckoned that the

annual savings of people in the U nited
K ingdom came to about £400 milli ons a year
-
,
this being one sixth o f the national income

-
which was esti mated by the Treasury at

milli ons These figures of course are
estimates onl y a n d not statisti cs but there
, ,
is n othing else to take their place H ow far .
the sav ing habit has in creased during the w ar

it is irnpossibl e to tell Rich peop l e no doubt
.
, ,
h ave cut down their personal e xpenditure

eno rmously b ut then the in creas ed In c ome
,
and S uper Tax es hav e cut down their incomes

t oo unl ess t hey w e r e shipowners or c o a l
,
own e rs or eng age d in t h e w ar tra d es S till .
they shou l d h av e had larg e sums available for

Wa r L oans A la rge number of new pe o ple
.
have b e c ome ri ch owing t o t he w a r and th e y

,
have pro b ably subscri b ed generous ly t oo ;

b ut the profe ssi onal c l a sses the small l and
,
owners and people wi th fixe d in c o mes

, ,
whether rentiers or r ecipients of sal aries ,
have ha d their money income cut down by

In c ome Ta x and the ir real inc o me cut down
T HE R E S U L T S O F D E L AY 17
still more by the rise in prices so that they

,
have li ttle margin for saving Quiet middle

.
class people who used to put by their hundred

or two a year may have continued to do so ,
but i nstead of investing it they have had to

pay over the money to the tax collector .
It seems probable therefore that a maj ority

o f the class who u s ed t o save be f ore the war
have not had much power of saving during

the last four years For any large sums we
.
must g o to the class whi ch has had its income

raised so remarkably as a direct result of the
war ti e the owners of and workers in the war
, .
factories The owners have had t o contribute

.
largely t o th e revenue through the Excess

Profits Duty and the Munition L evy but they
,
must have had a good deal left over : the

workers have been earning enormous wages ,
and although they are a t last liab l e t o Income

,
Ta x the tax colle c tor will not take any large

,
percentage owing t o the abatement a n d

all owances unless their wages are over eight
,
pounds a week But as the ra te of wages is

.
immensely higher than they could have ex

p e ct e d to earn before the war,they ha v e had
a large margin out of which to save if they
wished Every kind of encouragement and
.
18 T HE W AR D E B T
O pportunity of
saving and of investing in
Wa r L oans War Bonds or Wa r S avings
, ,
C ertificates has been provided and no doubt ,
a large number have s aved considerable

amounts . U nfortunately wage earners in -
England perhaps because we have no peasant

,
proprietors seldom have the saving habit ;

,
it is to be feared that the good wages so easily

earned hav e been as readily spent .
The conclusion to be drawn from such facts

as we have is that the amount of money
saved is quite small compared with the
amount which the Government has borrowed .
If that be so it seems to follow of necessity

that a very large proportion of our Wa r L oans
‘ ‘
have been obtained by inflation The .
Government gets its funds by an expansion

of credit ,
there has been no corresponding
production of commodities consequently ,
prices have been bound to rise O ne need n o t

.
hold the Quantitative theory of money

in its strictest form in order to perceive the
’
connection between prices and the amount o f

money in circulati on To take a S imple
.
illustration let us suppose that we are at a

seasi de town and go one morning to the
,
market ; if th e market is crowded with

20 TH E W AR D E BT
working in the same direction are qui te
enough t o account for the rise in prices .
S ome silly pe ople talk about profit e e rin g ,
and denounce farmers and shopkeepers

other silly people demand G overnment control
o f t hi s that and th e other t hi ng with prices
, , ,
fixed by some archangel in Whitehall Bring .

“
another bucket they say

, and more mops
, ,
the place is getting flooded " Wouldn t it ’
be simpler to turn off the taps P

S o long as the Government cont i nues to pay
for a war out o f borrowed money prices must
keep on rising F ood controlle rs may fix
.
maximum prices as much as they like the ,
chief results of their efforts is to check pro

duction and so to make food scarce and
therefore dearer than it would be if they left
people to manage their ow n business When .
prices began t o rise in 1915 it was said Wa r

always sends up prices That is very largely
.
true but it ought not t o send up all prices

,
under a sound financial system zl e one which

,
.
paid for t he war by ta x es and not by loans ,
the prices of necessaries such as food clothing

, ,
and coal might rise but the prices of luxuries

, ,
and of n on necessaries would fall because

-
people would not have money enough t o buy

T HE R E S U L T S O F D E L AY 21
the latter This was what actually happened

.
in 1914 : no on e knew what was going to

happen so they bought nothing that they
,
could do without The true cause of the

.
’
un iv ers a l rise in prices is the Government s
di sbursement o f borrowed money and its

refusal to impose heavy direct tax ati on in the
e arly months of war .
As prices rose higher and higher complaints

became louder and louder and the G overn
,
ment was called upon to bring them down .
This was very much like c alling upon Mrs .
Pankhurst and her friends to form a fire

brigade in order t o deal with political in
ce n di a rism and it was n o less futile
, The .
G overnment tried to bring down prices it ,
issued orders one day and reversed them the

next ; at di fferent times it discouraged the
keeping of cattle pigs and poultry or the
, ,
making of cheese and mil k At on e time it.
encour aged the farmer by guaranteeing him

a minimum price and granting him exemption
from the E xcess Profits Duty ; at another
time it did its utmost to stop him making
profits at all In on e thing on ly was it con
.
s istent it refused to admit that a war demands

,
s acrifi c es from the stay a t home population

- -
and that its cost must be paid by the tax
payers.
H ow t h e ta xpayers bear it and whether the

,
burden is fairly distributed among different

classes of taxpayers must be di scussed in a
separate chapter .
CHAPTER III
WH O PA Y S FOR TH E WAR ?
H EN
the Chancellor of the E x
chequer issues a Wa r L oan for a
thousand millions what happens ?
,
S ome people seem to think that the country

is straightway millions richer because ,
the citiz ens hold Wa r L oan S tock to that

amount O ther people are no less convinced
.
that the country is poorer by j ust these

amounts because the Government has in
,
curred a debt of millions Perhaps .
they are both equally wrong Is not the real

.
e ffect as follows ? Holders of property and

securities I nclu ding owners of Wa r L oan
, ,
seem to be richer in the aggregate because

they undoubtedly hold legal documents to
the nomi nal value of millions more
than they had before the issue of the L oan ,
and their new security undoubtedly is a

mortgage on or represents a share of the
2 3
national wealth t o the e xtent of
milli ons .
But there is no more real wealth in the

country than there was before the change
whi ch has taken p lace is j ust this there are
—
more mortgages on it or there are more S hares

,
in it The wealth i s there j ust as i t was b efore

.
,
only more peop l e ow n i t The process is

.
simi l ar t o the distribution of bonus ”

l
.
shares by a li mi ted company the real capital

is not i n c reased the market value is not in
,
creased but i t i s spli t up among a greater

,
number o f shares and the ol d shares are a ll

,
less valuab l e in consequence We n ow Se e .
what has happened as the resu lt of the Wa r

— —
L oans all pre e xi sting securities have been
l owered in value Thi s is n ot me re ly the
.
g
scaling d own of market p rices in the S tock

E x change list whi ch has fo llowed the issue of
G overnment stocks at and finally 5 %
per cent seri ous as this loss o f market value
,
h a s proved There is in addition a further

.
loss whi ch is represented by the decline of

,
the va lue of the pound sterling and the t w o

combined have lowered the r ea l value of pre
war gilt edged securities by about on e half
- -
.
Other kinds of property hav e not fallen in

,
W H O P AY S F OR TH E W AR ? 25 .
value to the same e xtent agricultural land

has risen in mon ey value and perhaps in real
”
value t oo though the process is obscured by

,
the reluctance of landlords t o r a l s e their rents .
Houses have risen in money value in fact the ,
directors of the First Garden C ity L td have , .
sent round a notice t o their tenants at L etch

worth asking them t o have the insurance '
v alues of their houses raised S hares in many .
industrial companies have risen i n price ,
and naturally so because the burden of pay

,
mg interest on the debenture and preference

stock has been lightened by the depreciation
i
of the currency ; the case o f s hi pping and
coal mining companies is t oo we ll known t o

-
require further menti on .
We see therefore that the owners of

, ,
cert a in kinds of prope rt y such as Government,

~
and municipal loans debentures and pre

,
ference stock of every kind or railway gas , , ,
water tramway and bank shares have lost

, ,
'
half what they possessed before the war In .
making this calculation no allowance 15 added

for t h e increase in Income Tax The real .
financial burden of the war has fall en mainly

on this class O ther kinds of property have
.
fallen heavily In rea l value ; though not in

'
26 T HE WAR D E BT
paper value e g mortgages cottage
, . .
,
property and some kinds o f house property .
The importance of these facts will be evident

when we come t o consi der h Ow the Wa r Debt
S hould be pai d off .
The conclusi on to whi ch we are led is the

rather startling one that the w ar has been
pai d for as it has gone on mainly by the
‘
owners of certain k i nds of property A .
further conclusi on tells us that the fashion

able p lan of maki ng posterity pay is im
possi ble : we may leave many awkward
problems for posterity to settle but we can,
not leave it to settle our war bill It is .
curious how wi dely the idea of making

posterity pay has prevailed ; near ly every
one took it as an axiom that all war costs
whi ch were n ot met at the moment out of

revenue must necessarily fall on posterity ,
and borrowing was j ustified on the ground

that as the war was being waged i n order to
secure the safety of fu ture generations those
generations might fairly be asked to bear
most o f the cost But recently economists
.
w h o have tackled the question are being

forced to admi t that the war is paid for as it
goes on and that its cost cannot be thrown
,
28 THE W AR D E B T
which is n o real burden a n d the si nking fund , ,
whi ch is a burden .
M r Wi thers seems t o have been the first

.
person t o state pub licly th at a war must be

paid for as it goes on but my ow n theory was ,
i n type though n o t pub lished before M r

, , .
Wi thers book came out That theory was

’
.
out li ned in an Appen dix t o the Bri tish

Associ at i on (E c onomic S ect i on) report for
1917 : Thi s obj ect i on (t o ta x at i on) is
founded on a mi st a ken belief t e the beli ef ,
that a nat i on can engage in a long war and

yet evade the cost of i t by throwing the
”1
burden on posteri ty The war in short.
, ,
has been carri ed on by sacri fices made n ow 1

,
and all offici al j uggli ng with pri ces and ,
money and rations and l oans onl y serves t o

, ,
conceal the true facts from the nation i t is

possi b l e one must admi t that the offi cial
, , ,
mind is j ust as b lin d t o the facts as the pub lic .
Not only does the borrowi ng method co nceal

the facts i t l eads directly t o wa ste of money
,
and waste of e ffort at a t i me when the c ountry

ca n least a fford t o waste anyt hing The .
ma n i n the street knows little about

e c onomic l a ws a nd is naturally inc lined t o
,
1
Indu t y nd F in n ( 19 17) (P i tm n nd S n) pl 3 5
s r a a ce a a o ,
1.
W H O P AY S F O R TH E W AR 29
b elieve that the Government will not a d opt

the wrong policy in matters of finance merely
from want of courage The G overnment tells
.
him that he can throw a large part of the cost

o f the war on po st erity and has a right t o d o
,
so how can he find out for himself that

what the Government and it s supporters in
the press tell him is untrue
CHAPTE R I V
TH E WAR B UD G E TS
E
have seen how the floodgates
of extravagance publi c ,
and
pri vate were open ed during the
,
first ten months of war As on e looks back

.
the amount spent seems small enough com

pared with our seven or eight millions a day
now but it was the pol icy o f s pe n ding fr e e l y
'
then which set the fashion and compels us

,
to spend largely now .
However the S hortage in shells turned

,
’
M r Ll oyd George s energies in another
.
direction and all economists rej oiced when

,
M r McK e nn a who had made his reputation

.
,
as Financial S ecretary of the Treasury ,
came to the E x chequer By the time that

'
the new C hancellor had his plans ready for

his first Budget (S eptember z r st 1915 ) our ,
expenditure had grown to an estimated total

of millions a year Thirteen and a half
T H I R D WAR B U D G E T 31
months had passed since the outbreak of

hostilities before t h e nation was asked to face
the financial facts o f war but at last it had a
,
real Wa r Budget That the new C hance llor

.
should bring in a Budget at all in S eptember

was an implied censur e on his predecessor ,
such as would have made a Peel or a N orth ,
cote or a Gladstone retire from the C abinet

, .
The Budget of S eptember Z I S t indeed did

.
what should have been done as soon as the

first financial disturbance caused by the war
had settled down
‘
M r McK e n na first took the Income Tax

.
as M r L loyd George had left it and raised it

.
by 40 per cent adding a new and heavier

,
scale for the S uper Tax This was not the.
chief point F or some time past economists

.
had recogn ised that the Income Tax which ,
began as a war tax was only paid by a very

,
small proportion of citi z ens S o long as the

.
franchise was limited this was only fair so

long as the tax itself was small the inequality
was unimportant ; but when the tax had
risen to 2 s 4d in the pound and had become
. .
the sheet anchor of the Exchequer it was un

j ust and undesirable that a large maj ority of
elect ors Should escape direct responsibility
32 T HE W AR D E BT
f or the po li cy whi ch t heir vot e s had en dorsed
S i nce 1894 incomes below £ 160 a year had
been free from Income Ta x and i n pract i ce ,
'
wage earners even w h e n g e t t in g £4 a week
-
and over had escaped assessment moreover

, ,
the allowances in respect of children under

six teen had raised the real exempti on limi t
well above the poi nt fixed by S ir Willi am
Harcourt .
M r McK e nn a bo l dly reduced the limi t o f

.
total e x emption to £ 13 0 a year l owered the ,
abatement from £ 160 to £ 12 0 and provided ,
that the wage e a rner i f earning more than

-
fifty shillings a week shoul d be made to pay ,
his share . Then he added largely to indirect

taxation (sugar tea co ffee etc ) and t o postal
, , , .
and telegraph charges and fin all y introduced ,
—
the most e ffect i ve of war ta x es the E x cess
Profits Duty N atura lly as there was n o
.
,
precedent for i t the es timate of the yi eld

,
from the new duty was a mere guess ; but

M r McK e nna reckoned that his new taxes
.
woul d yi el d £ 107 milli ons In a fu ll y e ar while ,
the probable revenue for the year en ding

M arch 3 1s t 1916 was put at £305 millions
, ,
.
That thi s was less than on e fift h o f the -
estimated e xpen di ture was not M r McK e nna s

’
.
T H I R D W AR B U D G E T 33
'
fault but it left

,
mill ions to be borrowed .
The main items of this expenditure were as

follows
E st im t
a ed
A r my 7 1
N a vy 1
Adv c an es to All i es
P re a nd P o st M ora to ri u m B i l ls
-
O rd i n a ry N a ti o n a l S e rv i c e s ,
i nc l u ding D e b t
Food S uppl i e s e tc ,
.
Ttl o a 1,
This proved a remarkably close guess for ,
the actual expenditure for one year turned

o ut to be only £ 3 1 millions short : happily ,
too the revenue forecast turned out to be

,
under the mark .
H ad this Budget been brought in earli er

the whole course o f our war finance would
have been altered we should have escaped
a considerable proportion of the Wa r D ebt ,
and we should have avoided part of the rise

in prices with all the hardships and worries
and discontents whi ch high prices have
brought upon us When the Budget o f M ay .
,
1915 added nothing to the Income Tax the

,
propertied classes imagined that they were

34 TH E W AR D E BT
escaping taxation as a matter of fact noth
ing could have been more disastrous for them
than this seeming exemption they saved a
—
shilling then only to pay a pound later At .
the time however things seemed to be going

, ,
very well ; money was plentiful thanks to ,
Treasury notes and constant expen diture out

o f borrowed money employment was good
, ,
wages prices and profits rose steadily The

, .
shortage o f food a n d materials had hardly

begun and it looked as if the royal road to
,
national prosperity was to engage in a big

war H ardly anyone troubled to look ahead
.
and to ask what would happen if the war

lasted another year or even the three years
,
said to have been foretold by L ord K itchener .
The S eptember measure was the rea l Wa r

Bud get for it fixed the main lines which our
,
war finance h a s followed since then ; but

Mr McK e nn a s second Budget introduced
.
’
,
promptly at the beginning of the next financial

year (April 4t h struck the popular
,
imagination because it proposed to raise the

revenue to the then unheard oi figure of -
£5 00 milli ons It is not

. so many y e ars since
M r Gladstone thought that a hundred million
.
Budget w a s the end of all things F ew .

U nfortunately expenditure advanced in
still greater proportions being ,
o r £ 3 7 2 7 3 3 ooo above the original Budget

, ,
estimate The main items were as follows

.
6
3
A rmy , N a vy , a nd M u n i t i o ns
M i sc e l l a n e ou s
A dv c an e s to All i es a nd
D o mi n i o n s
I n t e r e st o n D e bt
C ivil S e r vi c e , e t c.
P ost O ffic e
T tl
o a
U p to this point we had two Budgets a year

for the war period and each time that a ,
C hancellor faced a C ommittee of Wa s and

M eans he had to admit a l arge in cr s e of ga
expenditure And this inc r ease it must be
.
,
remembered was n ot a temporary on e which

,
would come to an end with the war ; some

large items such as the cost of guns and
,
ammunition or the food pay and allowances

, ,
of the troops would cease but pensions to

, ,
Widows or to the disabled and the interest ,
and sinking fund on the Wa r D ebt would ,
continue After the Budget of April 1916

.
, ,
the country had t o wait a full year for its fifth

F I F TH W AR B U D G E T 37
Wa r Budget and before Christmas the C oali

,
tion M inistry had resigned and M r Bonar .
L aw had succeeded M r McK e nn a at the Ex .
chequer
O n M ay z ud 1917 M r L aw introduced the
, , .
fifth Wa r Budget and since this was four

,
weeks later in the year than M r McK e nn a s ’

.
last Budget it was assumed that his proposals ,
’
like those of Mr L loyd George s j ust two years
.
earlier, would involve no important changes

and no large additions to taxation As a .
matter of fact newspaper forecasts proved so

,
accurate that M r L aw felt it necessary to

.
declare that there had been no leakage from

the Treasury Discarding the time honoured
.
-
rule that new taxation shall be kept a secret

’
till the end of a Chancellor s exposi tion he ,
disclosed his plans early in hi s speech saying , ,
I do not propose to add any new taxation

whatever and I only propose to make addi
,
tions in the case of three existing taxes .
These were the E xcess Profits Duty now ,
raised from 6 0 to 80 per cent the Tobacco

Duty raised by I s r od in the pound but
, . .
,
subsequently lowered to 11d and the Enter .
t a in me n t s Tax raised according to a scale

,
which leaves penny and twopenny tickets un

changed N ext day he announced a fourth
.
—
addition a n increase in the D og Tax i e a . .
,
small addition for old dogs and a large one for

new dogs Both classes o f dog therefore
.
, ,
had their day ; but for some undisclosed

reason possibly because there was so much
,
’
life in the old d ogs their little license systems
,
did not cease to be it was the tax and not

the dog that died The proposal lingered for
.
some time and was not finally dropped until

July 19th The three additions were expected
.
to yi eld
E x c e ss P rofi ts
T o b a cc o Q
Ente r ta i nme nts
Why the E xcess Profit Duty which was ,
estimated to yield £ 180 millions on the

6 0 pe r cent basis should only yield £ 2 00
,
millions on the 80 per cent basis was not

, ,
explained by M r L aw M any people have

. .
doubted the wi sdom of rai sing the rate to so

high a percentage it is certain that in many
cases the ta x causes waste and extravagance ,
business men who have reached their pre

war standard are incli ned to say The ,
G overnment will pay four fift h s of anything

-
F I F T H W AR B U D G E T 39
I spend now ; it is not worth while saving

and I may as well give a bonus to my staff .
’
As it happened the Chancellor s estimate was
largely exceeded and the total yield of the
,
Duty came to £2 2 0 millions .
This addition of £ 2 7 3 millions to the taxa

tion of thirteen months earlier was soon
recognised to be wholly inadequate : such a
sum is only j ust enough to cover the interest
on £ 5 00 millions of Wa r L oan or Wa r Bonds ,
yet the Government continued to borrow at

the rate of £5 00 millions every sixteen weeks .
The E conomist described the Budget as a

retrograde step in our financial policy
(M ay s )
t h
,
and referred four weeks later to
’
The C hancellor s paltry addition of six
millions to permanent taxation in a Budget
whi ch shows a deficit of millions .
C olonel Godfrey C ollins M P w h o was soon

,
. .
,
to start a most valuable plan for increasing

the financial powers of the House of C ommons ,
’
summed up M r L aw s proposals thus : It
.
is a permanent debt o f £80 millions a year ,
and a permanent increase in taxation of

millions a year . N either the M P nor . .
the E conomis t considered that the addition to

the E xcess Profits Duty was of any value for
40 T H E WA R D E B T
revenue purposes But at last the House of
.
C ommons was awakening to its historic duties

as guardian o f the national purse A memorial .
to the C hancellor o f the E xchequer signed by ,
187 members belongi ng to all parties pro ,
posed
Th at a Co mmi t t e e b e a p po i nt e d c o n s i s t i n g
,
of
Me mb e r s o f this H o u s e , w i t h p ow e r t o r e v i e w a ll
i
na t o na l x p d i t ur
e en e, e x a mi ne Mi n i ste r s a n d o ffi cia l s ,
”
a nd re p o r t t o the H o u se .
This was not a proposal to give the House

any powers which it had not long possessed ,
but it was an assert i on o f its determination

t o use them and the G overnment had to give
,
way only saving its face by stipulating that

,
the C ommi ttee should not deal with questions

o f poli cy The stipulat i on was obviously
.
futile for you cannot separate expenditure

,
from poli cy and t he House of C ommons is

,
equally responsible for both A strong .
C ommittee was appointed and with M r ,

.
Herbert S amuel as chai rman it set to work ,
at once and soon began to publish reports

on various departments which ama z ed the
country by their re v elations of o fficial in
e pt it ud e .
F I F T H W A R B U D GE T 41
The chief items of the 19 17 —

18 Budget
were as follows
Actua l Re ce ipts .
C u sto ms
E x ci s e
E st a t e D t u ie s 3 1
I c
n o me a nd S u pe r
ta x
E x c e s P r o fi t s D u ty
s
S ta mp s
O t he r Tx
a es
T t lT
o a ax R e ve nu e 6
5 9,
P o st O ffi ce
C r ow n La nd s e tc , .
M i s c e ll a n e o u s
T ota l R e ve n u e
E xpenditure continued to increase and the

estimate for the year came to
leaving millions to be raised by loans .
The chief items were

E s ti ma te
P e r ma n e n t D e b t
.
C ha r g e
I nte re st on Wa r
De bt
Lo c a l T a x a t i on
A cco u nt e tc , .
S u pp l y S e rvi c e s
T ota l
42 TH E W AR D E BT
The chief di fference between the Budgets
of 1917 and 1916 was that the D ebt charge
had grown by £80 millions the whole of this
ought to have been met out of additional
permanent taxation As the year wore on
.
sound views gathered strength and when ,
M r Bonar L aw rose to expound his second

.
Budget (April 1918) every one was prepared

,
for large additions to the existing taxes and

for s ome novel taxes as well At last the .
C hancellor showed a right sense of the duties

belonging to his o ffice and the requirements
of war finance Revenue had been coming in
.
well all the year and again the E xcess Profits

,
Duty brought in far more than the estimated

sum but this time M r L aw did not use the
.
figures as an excuse for not increasing our

taxes There was no doubt another reason
.
, , .
The G erman o ffensive of M arch 2 15 t had

alarmed the country and mi litary prospects
had never looked darker so the sacrifices asked
,
from stay a t home people seemed insignificant

- -
.
The principal ch ange introduced by the

1918 19 Budget was an addi tion of a shilli ng
—
to the Income Tax the standard rate rising

,
from the fiv e shillings of M r McK e nn a s

’
.
second Budget to six shillings It is mis .

Ag a l n we perceive the fault of the First
Wa r Budget repeated and indeed made
,
worse When the general rates of the tax

.
are increased the limit of total exemption

should be lowered at the same time in order
,
that the pecuniary sacrifice of all citi z ens

shall be as nearly as possible equalised
accor di ng to their means . M oreover the,
occasion was exceptionally favourable b e ,
cause Mr L aw was proposing to give an

.
allowance for the first time to ma rrie d me n

'
it would have been so easy and so evidently

fair to say I will give an allowance o f the
tax on £3 0 to all married men but I must
,
lower the abatement and exemption limit to

’
£ 100 3
The S uper Tax was increased very heavily ,
so much so that the combined e ffect of the

m
two taxes is to take ore than half his income
from a man with a year
.
CHAPTE R V
G RO WTH OF TH E WAR D E B T
U R review of the six Wa r Budgets

shows a steadily expanding tax
revenue but at the same time a
,
much larger growt h of debt Du ring t h é ?

.
nin ety eight years after Waterloo the country

-
had prided itself on the consistency with

which it set aside something out of revenue
each year in order t o lessen that legacy of the
N apoleonic Wars the N ational D ebt O nly
— .
In twelve of those years did an addition

take the place o f a reduction and by M arch
,
3 I s,
t 19 4
1 the
, £90 0 millions o f 18 16 had been
reduced to £ 65 1 millions .
F ortunately our Government cannot in the ,
ordinary way spend money without the

,
sanction o f the House o f C ommons ; so its

first act on the outbreak of war is to obtain a
V ote of C redit These V otes continue at ir
.
regular intervals during the war and lik e , ,
45
46 T HE W AR D E BT
other war requirements grow larger : only ,
£3 6 2 millions were needed in the first eight

months of the war but the year 1915 16,
—
needed millions and 1916 17 took

—
millions When the Government has

.
obta ined its V otes of C redit it can raise and ,
spend the money as it likes the only practical ,
check being the necessity of coming to the

H ou se again when more money is wanted .
M embers of Parliament showed the greatest

read i ness to vote whatever the Government
demanded even the unprecedented sum o f
— 4
6
£ 5 0 mill i ons o,
n July 2 0t h 19 7
1 , .
The Government borrows money f or war

purposes in several ways of which the most ,
obvious i s a huge Wa r L oan widely a dv e r

t is e d
. The figsL b ig L oan was issued on
N ovember 17 t h 1914 th e rate o f interest
‘
, ,
being 3 5 per cent and the price £ 95 redeem ,
able a t £ 100 between 192 5 and 192 8 so that ,
the real rate was between 32 and 4 per cent .
O nly £ 3 3 2 milli ons were raised by this L oan ,
and soon after M r Mc K e n n a came to the

.
E xchequer he found it necessary to appeal

for a very much larger sum Thej ec ond Wa r .
L oan (June 2 1s t 1915 ) o ff ered the flat rate o f

,
.
43 per cent ,
being issued at £ 100 and S ince ,
G R O WT H O F W AR D E BT 47
the 3 3 L oan had fallen below its issue price

the Chancellor encouraged subscriptions to
his new L oan by o ffering to take the old L oan
In p art payment for the new anyone who ,
held £ 100 of the 3 3 per cent being allowed to

exchange into 43 per cents by subscribing a
further £ 105 thus getting £ 2 00 of the new
,
stock . With the same idea of reassuring

investors M r Mc K e nn a undertook that in
,
.
the event of a further l ong period L oan holders

should have the right of converting their
43 per cent stock into it at par .
The attractive terms of the new L oan had

a devastating e ffect on S tock E xchange
S ecurities the chief railway stocks fell four
Or five points during the week C anadian ,
P a cifics f ell from £ 16 1 to £ 15 2 and t h e

,
aggregate depreciat i on was enormous /Tliis .
fact suggests two reflections (1) that the issue

o f a big L oan at an attractive price causes a
general fall in the value of pre exi sting -
securities (2 ) that attractive terms may

,
not be necessary and (3 ) that the subscribing

,
classes would really be better o ff if there were

.
some kind of a compulsion to take up a pro

portion of each new L oan a t a rate not above
the previous market value It is part of my
.
48 T HE W AR D E BT
theory of Wa r Finance that each successive
L oan involves as much sacrifice on the part
o f the propertied classes as they would have
t o make under a large add i tion to direct

taxat i on
.
In the case of the first t w o Wa r L oans a

considerable proportion o f the money sub
scribed was merely borrowed from the banks ,
thus causing i nflat i on . If a man saves £ 100

and lends it t o the Government the latter
,
can only spend what the man did not spend ,
and s o prices are not ra i sed (apart from the

natural tendency of G overnments to spend
lav i shly) but if he borrows the £ 100 from his
banker the G overnment has an extra £ 100
t o spend and there are £ 2 00 competing for
,
’
100 pounds worth of goods and so prices
,
rise .
It i s doubt ful whether so h i gh a yield need

have been o ffered ; the E con omist s S tock
’
E xchange correspondent wrote (June 2 6t h )

The mere look of a 43 per cent British
Government stock at par is held t o be s uffi
cient t o upset most preconce ived ideas of
investment probably a 4 per cent i ssue at
£9 8 wo uld have gone j ust as well. M any
patriotic people in their desire t o subscribe
,
GROW TH O F W AR D E BT 49
for the L oan sold older i nvestments such as

, ,
railway stocks and as the price of these was

,
scaled down to the new level est ablished by

the 43 per cent issue they had actually less
money to lend than they would have had for
a 4 per cent issue .
A big L oan causes much dislocation in the

money market requires a vast amount of ,
advertising to make it a success and involves ,
an indefinite amount of inflation consequently ,
an alternative seemed to be wanted This .
alternative is well described by its inventor ,
Mr Drummond Fraser of M anchester as

.
, ,
continuous day by day b orr ow mg and

the results of his proposal explained in the ,
reports of the E conomic S ection o f the Bri tish

Association for 1915 and are now
universally known as N ational Wa r Bonds 1
.
They have become in fact the main source , ,
o n which the C hancellor of the E xchequer
depends for his lo n g term borrowing They -

.
are so successful th a t they may be regarded

as the chief finan c ial discovery of the war .
Treasury Bills and E xchequer Bonds are

t h e means by which a Chancellor raises money
1
( )
I. Cr e dit l
’
n a us try a nd til e Wa r ,
19 15 (P i t m
a n a nd S o n) ,
p . 2 5 1, a n d ()
2 L a t our F in a nce a nd /
tire IVa r , 19 16, p .
32 1.
for Short periods three six nine or twelve
—
m
, , ,
onths The rates of interest paid for these

.
short term loans obey the same law as other

forms of borrowing they rise gradually : the
rate for three month bills was 2 4 on April 14th ,
1915 o n August 9t h it was 43 on O ctober 2 7t h

, ,
43, and on N ovember 1 2 t h it rose to 5 per cent .
O pinion in the C ity of L ondon gets nervous

when the amount o f Treasury Bills outstand
ing rises above million S o on .
January 11t h 1917 M r Bonar L aw announced

, ,
.
the terms of the Th ird Wa r L oan and th i s

time the rate of interest o ffered was no less
than 53 per cent the L oan being a 5 per cent
,
stock i ssued at £ 95 All the arrangements in

.
-
connection with the issue were extremely

well managed and the L oan proved an im
-
mense success S imultaneously a 4 per cent

.
income tax compounded L oan was o ffered at

- -
£ 100 but,
the applications were su rprisingly
meagre only some £ 2 2 million being applied
,
for yet it was clearly a more desirable invest

ment for companies and for indivi duals with
i ncomes above a year since the Income ,
Tax was almost certain to be raised A .
British Government L oan yielding 5 3 per cent

would have seemed incredi ble a few y ears a go ,
52 T HE W AR D E BT
Wa r Bonds S till it is an expensive bit of
.
machinery for the taxpayer in e ffect is

, , ,
borrowing in order to pay o ff debt and so ,
loses a turn in each transaction .
WAR B O RR O WIN G
It seems t o be taken f or granted that a
G overnment must borrow th e greater propor
tion o f the money wh i ch it requ i res for a war .
This theory however has not always been

accepted nor i s it universally held even now
, ,
and the holders have seldom troubled to work

out their theory st ill less to demonstrate its
,
appli cability to the present war The vari ed .
views of di fferent schools of war fin a n cie r s -
are d i scussed with much learning by Professor

W R S cott in his Jevons M emorial L ecture
. .
,
”1
for 1918 (pp 43 The earli
. er which he ,
calls the British theory was that all war ,
expenditure should be obtai ned from taxes

levied while the war was in progress to this
was O pposed the German theory that a ll war ,
”
expenditure ought to be met by loans It is .
a curious fact that the all tax theory was

1
E con omic P r obl e ms f
o P e a ce a
f t er Wa r . C a mb r i dg e
U ni v r i ty P r
e s e s s.
GR O W T H O F W AR D E BT 53
held by Adam S mith Ricardo Chalmers, , ,
M Cul l o ck and J S M ill at a time when our

’
. .
tax system was far less developed than i t is

now . When a Government relies for its
revenue o n indirect taxes even if supple
‘
me n t ed by a property tax the limits are soon

reached beyond which an increase o f the tax
o n any given commodi ty is followed by such
a fall in the consumption of that commodity

that the yield from the tax begins to fall too .
But with an Income Tax so highly developed

and so e ffective as our o w n the possibili ties of
taxation are indefinitely extended i ndeed
there Is just all the di fference in the world
between our system which depends o n di rect
,
taxation supplemented by a few taxes on

”
widely used lu xuries and the continental
-
systems which depend mainly on indirect

,
taxes The German financial edifice crumbled

.
as soon as war broke out and the Government

,
was afraid to publish the actual figures of

revenue her three Allies were in a still worse
state .
CHAPTE R V I
LO AN S OR T AX E S
HE controversy between borrowers
and taxers has so important a bearing
o n our subj ect it must be treated at
some length It is customary to sa y that a

.
Government which goes to war must spend

such huge sums o f money that no endurable
plan of taxation could provide them This is .
perfectly true if reliance is placed upon in

direct taxation how far i t is true when the
t axation is mainly direct remains to be dis
cussed E lsewhere in an appendix to the
.
,
1
Br itish Association report I have admitted ,
that there are payments which a G overnment

may fairly make out of borrowed money ,
e g f or land buildings ships and other things

. . , , ,
of permanent value partly because these

,
things are of the nature o f capital partly ,
because the sellers are not likely to treat the

1
In dus try a nd F ina nce pp .
35 ,
0 3 51 .
L O A N S O R T AX E S 55
purchase money as income S econdly there

.
are the supplie s munitions and so on pur

, , ,
chased a br oa cl these may also be purchased

with borrowed money because the money
, ,
or something in its place goes out of the

,
country In the case of a small war with only

.
,
o n e or ,
perhaps two countries on each side
, ,
much of the military material required by

both sides can and probably will be obtained
from neutral s perhaps the neutrals will give
credit perhaps th ey will insist on payment in
,
some form in either case the belligerent will

not feel bound to pay the bill out of tax
—
revenue But in a world war like the p resent
.
o n e there are ha rdly any neutrals what each

,
belligerent needs he has to produc e for him

self or beg from his Allies In the United
.
K ingdom we produce most of the things

which our ow n armies and fleets require and ,
a good deal for our All i es as well The .
real question therefore is How should the

things which the Government buys in the
U nited K ingdom be paid for P
It is my contention that they should be

paid out of revenue and not out of borrowed
money . L et us see what really happens .
Every week the Wa r O ffice requires so

56 T HE W AR D E BT
many shells cartridges guns rifles waggons
, , , , ,
carcases of meat sacks o f flour tunics

, , ,
trousers puttees boots and a thousand an d

, , ,
o n e other th ings
. All the s e (apart from any
suppl i es we may get from N orth and S outh
America) are being made every week in this
c ountry and the makers get paid f or making
,
them every week Y et the wages o f the war

.
workers are paid out o f borrowed money "

There is no more reason for paying the wages
o f G overnment employees out o f borrowed
—
money in war t ime than there IS I n peace time
-
.
That the number of such employ ees is much

larger has n o relevance because the number
,
of wage earners employed o n private work

-
must be proportionately less and the money

,
wh i ch would normall y have gone to pay the

peace w orker should be diverted by the
-
C hancellor of the E xchequer to pay the war

workers S uch a d ivers i on would involve no
.
greater hardsh ip on the rest of the community

than i s inseparable from a great war People
.
o f all classes ought to have seen as soon as
war broke out that they must do without

some o f the th ings and conveniences to which
they were accustomed if they were wealthy
they had more s cope f or a patriotic self
sacrifice but whatever their station they

,
ought to have recognised t hat they could not
The duty of making this clear belonged pre

eminently to Parliament and to the C abinet ,
and the individual w h o Should have been the

spokesman for both was the Chancellor o f the
E xchequer H e should have made it plain to
.
every one that the motto should be not

”
Business as usual but N othin g as usual
,
,
’
and sacrifice for every on e The simplest
m
.
'
5111 o f imposing this
truth on every one was to increase taxation

as soon as war on the European scale began
it was inevitable that taxation on a corres
p on d in l
g y vast scale must follow the
,
only
effect of postponing taxation Wa s t o make it
much heavier in the end jg st as the only
,
" '
effect of postponing repairs is t o make t em
indeed the analogy is fathe

m a
it hm ‘
the omission t o stop a leak because there is

,
n ot only the larger repair to be done later ,
but the incalculable damage and loss through

the escape o f water .
I t may be argued also that a larger addition

t o o ur taxes would have involved very little
more immediate sacrifice than was the in
evitable result o f a state of war The economic
.
difference made by war is that people in

general cannot buy the s a me things or as
many things as they used to buy because the
things are not there In peace time people
.
-
cannot buy all that th ey want because they

’
haven t money enough ; in war time their -
purchases are curtailed whether they have

,
much money or little because there is a

,
smaller stock of goods to be bought The

'
real sacrifice made by the non combatant in -
war time is his abstention from consum ing

-
the th ings which he was accustomed to have .
If his ex tra taxation j ust takes away that

proportion o f his income which he cannot
spend (because the th i ngs he would have
bought are not available) he makes very li ttle
more real sacrifice than he is bound to make ,
whatever the Chancellor of the E xchequer

may do Th i s is only on e o f the reasons why
.
a F inance Minister should add largely to

di rect taxation as soon as war breaks out .
There are other weighty considerations

which po int to the same policy S ome weeks
.
,
perhaps must escape before the economic

,
side of war gets the attent i on which it

60 T HE W AR D E BT
largely to taxation By so doing he would.
have reduced the public demand for com

mo dit ie s at a time when the supply o f com
mo dit ie s was quite certain to be smaller .
Thereby he would have checked even if he ,
failed t o prevent entirely the rise in prices ,

m
which was otherwise inevitable a n d he would ,
h ave lowered the taxpayer s Wa r Bill since

’
,
the G overnment i s the g hl ef f bpy er g f com w
'
sequ enc e of the increased revenue and de
‘
creased e xpend i ture thus secured he would ,
have avo i ded a large part of the enormous

Wa r L oans which have shaken British credit
s o severely During the S outh African Wa r
.
S ir M Hicks Beach could borrow at 2 2 per

.
cent now M r Bonar L aw has to o ffer 5 3 per

, .
cent .
But it may be o bj ected

,
the taxpayer ,
would no t endure the s acrifice involved in

heavy taxation s a y a fiv e shilling income tax
,
-
at the beg inn ing of the war U ndoubtedly .
he would di slike the i dea very much although ,
it is a trifle compared with the sacrifice

exacted from our soldiers but if t he ta x ,
it he 1s woefully mistaken
‘ NQ C O UD
without paying f or ,
and the sooner he learns the truth the better

HcW -
M
that he can have the war now and pay for
RS
it later or possibly throw the cost on

,
posterity although nearly every on e b e

,
l ie v e s that posterity will pay mos t of the

co st .
As a matter of fact a nation has t o pay for

its wars as they go on unless it can borrow
,
from other nations M r H artley Withers has

. .
pointed out that you ca nn ot e at bread made '
’
from next year s wheat or wear clothes from
,
the wool of sheep as yet unshorn N or is it .
possible to avoid present sacrifices by post

on in g taxation A n income is on worth
p .
what it will buy a , in prices
chasin g power of the pound s t erling This .
has t he same effect as an Income Tax of 6 s 8d

“
. .
in the £ 1 o n a l l incomes and it is a much ,
heavier burden than any conceivable Income

Tax because it takes as large a p ercentage
sacrifice niade al ,
though the taxpayer has not been credited

with his payment Indeed the case is much
.
worse than that his Wa r Bill has gone o n as

62 T HE W AR D E BT
if he were ma king no sacrifice at all and the ,
6 s 8d in the £ 1 has been added to the Bill

. . .
Ever since the war began t he Chancellor of the

E xchequer h a s been putting up prices against
himself If he had M
. ed hea t
vy a x a t io n
at the out w
/ "
would have lo wered the

purchasing power o f in di vi dual E nglishmen ,
but he would have kept up the v a l u e Of the

E n gl ish sovereign a n d consequen tly the
,
money cost of the wa r would have b een much

lower .
O ne incidental advantage of taxation at the

outset is that it g ives the Government greater
power over economic condition If people .
had been forced to pay heavy taxes in 1914 15 —
they would either have spent less thereby ,
reducing the demand for such things as food ,
clothing coal steel shipping and transport

, , , ,
which were needed more and more for our

fighting forces or they would have worked
,
'
harder in order to make up their incomes ,
thus increas ing the supply of commodities

a highly desirable result But it would not .
be the only good result When war breaks .
ou t hundreds of thous ands of citi z ens both ,
men and women must change their occupa

,
t i on s entirely in order that the munitions and

other supplies required by the Army may be

provided Drastic taxation by div erting the
.
,
ordinary demand of the public for things

which can be done without would have set ,
free persons engaged in the non essential -
trades who would have found a ready market

,
for their services in munition and other war

factories .
If the taxation had been heavy enough

it would have had another advantage It .
\
would have in duced people who were doing
no work at all to look round for some means
of earning money and so would have forced
,
them to do something useful and people who ,
were doing unproductive work would have

been forced into product ive occupations .
N o doubt the change would have been un

pleasant for them but compared with life in
,
the trenches this would have been the mildest

of hardshi ps In any case the war taxation
.
would have made people more ready to work

in the war industries and the enormous wages
,
which the M inister of M unitions thought it

necessary to o ffer in order to attract workers
,
into his factories would not have been re

,
quired Again we may see how the money

.
,
co st of th e war wo uld h a ve b een reduc ed i f

64 T HE W AR D E BT
taxation had been r a l se d t o a high pitch in
the early days o f the war instead of being
postponed unt il the habit of lavish spending
had become fixed .
CHAPTER V II
TH E P E A CE B U RD E N
T is stil l too e ar ly to say with certainty
how large the Wa r D ebt will be when
demobilisation is complete or has a d
‘
,
v a n ce d so far that the Government can stop
borrowing But we may reckon on a total

.
debt of not less than millions This i s .
not wholly due t o the present war for we ,
started the war with a N ational D ebt of

£7 10 millions . M ore than half o f this h a s been
converted into Wa r L oan and in the ,
process part O f the capital was wiped out ,
although the rate of interest on the new s tock

was raised There are t o o numerous assets
.
, ,
w h ich must be set against the huge total of

debt of these the chief are the loans made
to our Allies and D ominions These loans .
were stated by the Chancellor of the E x

chequer on N ovember 12 t h 1918 to have
, , ,
amounte d to on Oc to b er 1 t h
9 ,
5 65
66 TH E W AR D E B T
the small proportion of £ 2 183 millions be in g
the amount advanced to our D ominions .
During the rest of the financial year 1918— 19

the loans t o Alli es and D ominions were ex
p e ct e d t o increase to something like
millions Mr L aw s statement on N ovember
’
. .
12 t h was exceedingly confused .
S in c e the D ebt grows by a m illion every

few hours i t i s necessary to take some given
date for our calculation O n N ov e mb e r 3 ot h
.
,
19 18 the net amount borrowed for the w a r

,
was mill ions The total liabilit i es

.
c ame t o millions .
In round fi g ures we may reckon on a total

D ebt of some millions on April 1st ,
19 19. Against this we may set s o much of

the amounts lent t o our Allies as we may .
think good debts but it seems in con ce iv

,
able that we should attempt to recover money

lent t o S erbia or Belgium and the amount ,
lent t o Russ i a may as well be written off at

once as a bad debt M r Bonar L aw i s f ond o f
. .
reckoning various other i tems against the

D ebt such as the suppl i es of food etc in
, , .
,
hand but it seems doubtful whether these

,
will turn out t o be real i sable in cash Perhaps .
we may re c kon on £ 2 00 millions from the

“
8
£ 4 2 milli ons wh i ch leaves an apparent
,
surplus of £92 mill ions But the largest item

.
in that est imate was the £ 3 00 millions from

the E xcess Profits Duty and as that D uty , .
was ex hypothes i a tax o n extra profits due t o

the war it can hardly be continued when the
,
war itself i s over and without it there will be

,
a deficit not indeed of £ 2 00 mill i ons for the

, ,
abolition of the D uty should increase the yield

o f the Income Tax while the removal of in
,
numerabl e restrictions should increase the

yield o f Cu stoms and E xcise but of some ,
thing like £ 15 0 mill ions This seems so .
enormous a sum t o raise out of Income Ta x ,
even when ass i sted by C ustoms and E xcise ,
that some people give up the i dea in despair .
They declare that i t i s imposs i ble to meet the

interest on milli ons out of tax revenues ,
therefore the Wa r D ebt or a large part of i t

, ,
must be extinguished by on e heroic O peration

this operation they call a C apital L evy ,
or the C onscription of Wealth The .
proposal is so novel and has such serious

,
consequences that it requires at least a

,
chapter t o itself .
CHAPTE R V I II
TH E C API TA L L E V Y
HE demand for a C ap ital L evy is

s upported by three main ar g uments ,
o f which the first is the supposed im
possibility oi raising by taxation the four

hundred millions or so a year which are r e
quired to pay the interest on the Wa r D ebt .
This argument which is not much more than

,
a statement o f opinion may be left for future

,
consideration The second and more serious

.
argument is that as young men have been

compelled to sacrifice their lives in the war ,
stay a t home people shall be compelled to

- -
sacrifice part of their property As thus .
stated the theory has much plausibility It .
is only the part i cular application of the

theory to which obj ection can be taken O ne J .
aim indeed of this book is to shew that this

, ,
principle ought to have been put into opera

tion at the outbreak of the war If it had .
69
been we should not have heard anything
,
about a C apital L evy U ndoubtedly when .
the war broke out the Government and the

House of C ommons as the persons respons ible
,
for bringing G reat Britain into the war ,
should have explained beyond all possibility

o f m i sunderstanding that to take part in such
a war meant sacri fices and heavy sa c rific e ,
t oo on the part o f every on e in our country

, .
For some persons ie our sold i ers and

, . .
sailors the sacrifices must be infinitel y greater

,
than those of the maj or i ty wh o stay sa f ely at

home but that fact merely makes i t an
,
obliga t ion of honour for the rest o f us t o do

what we c an E very on e who i s left at home
.
and does n o t absolutely starve t o death is

better off than the men in the tr e nches We .
ought t o have adopted the princ iple that n o

on e should be better o ff financ i ally than the
fighting men and th e ir families : i n some

cases the principle was in fact adopted e g ,
. .
by the tribunals under the C ompulsory

.
S ervice Act wh o have in sisted that men e x

,
empted from military service shall undertake

’
spe c ified work fo r a labourer s wage Thus .
on e wealthy man who was exempted in this

,
way by a tribunal undertook to work as ,

T HE C A P I T A L L E VY 71
an a g rl cul t ura l labourer at 2 5 s a week .

,
and other men have had t o give up their

former occupations e g teaching and do
— .
—.
manual work N o on e suggests th at these

.
men have any grievance people are much ,
more inclined to say H ow lucky they are

t o escape the discomforts the cold heat , , ,
hunger fatigue and the risk o f wounds and

, ,
’
death which are inseparable from the soldier s
life " Quite tru e th
,
ey a r e lucky and so ,
are all the rest of us .
We w ho stay at home while others fight for

us ought at least to be willing to pay them
their Shilling or eighteen pence a day and the
-
allowance for their wives and children No .
less clearly ought we t o pay the wages o f .
those w h o are working in war factories to

supply our soldiers wi th shells ammunition ,
and other mili tary necessities In fact all .
the daily and week ly payments made by the

Admiralty the Wa r O ffice or the M inistry
, ,
o f M unitions should be provided direc tly by
the ta xpayers This implies an In come Tax

.
with a very much lower exemption limit

,
,
and the amount o f income which Should be

entirely exempt from taxation seems t o be
plainly decided for us by the pay a nd allow
W AR D E B T
'
TH E
”
72
a uces o f the private soldier This principle .
’
once settled that Those who don t fight must
pay the rest is a mere matter of arithmetic
,
i
—s o much wanted by the Ch a n ce l l o r o f the
E xchequer s o much t o be ra i sed by Income

,
Tax M any other things would be sirnpl ifie d

.
too we should probably not need an E xcess

,
Profits Duty as there would be no excessive

,
profits t o tax and there would be no case for

,
war bonuses i n add ition to wages partly ,
because the sold i er does not get them and

partly because prices would not be inflated ,
as they have been by the spending of b or

rowed money Rationing of the more im
.
portant articles of general consumption such ,
as milk meat and coal might be necessary

, , ,
but mere waste and extravagance would b e ,
su fficiently checked by taxat i on .
If then anyone talks about the C on

m
, ,
scription o f Income he ust be welcomed

as a patriot but the C onscription of C apital
is an entirely d i fferent matter The first .
means a general S haring of war burdens ,
which makes for e ffic i ency a nd concentra

t i on o f national e ffort on the war ; the
second means the sh ifting o f the financial
burdens on t o the shoulders o f a limi ted
TH E C A P IT A L L E V Y 73
class and not even the class with the largest

,
aggregate income A remarkable Inland

.
Revenue return comes out as I wr ite this

paragraph which shows that the number o f
,
persons assessed as having incomes over

a year i e S uper Taxpayers actually
,
. .
-
fell from in 1914 15 to

— in
—
1915 16 — the first war year while the aggr o
—
gate incomes showed a corresponding declin e

from £ 2 443 millions to £ 2 2 5 millions For .
the second war year 1916 17 the number of

—
, ,
assessments increased to i e nearly . .
to the pre war total and the aggregate

-
income came to three millions more

millions ) The meaning of this S uper Tax
.
-
return will be discussed a few pages further

on for the moment I need only S a y that it
,
shows how small a proportion of the national

income is taken by the class who pays the
highest rates o f taxation It may be a d .
mit t e d however that the second argument

, ,
is a sound one so far as it attacks the

fin ancial system adopted at the beginning
of the war ; it proves the case for a higher
Income Tax whil e the war lasts but not ,
the case for a C apital L evy when the war

is over .
The third argument for a C apital L evy I s
the on e wh i ch appears t o have secured most
s upport for the proposed confiscat i on It
.
asserts that the properti ed classes have

made money out of the war and conse
quently that they ought t o bear the money
c ost of i t This arg ument has been main
.
t a in e d wi dely in the Press and on the plat

form of the L iberal and S ocialist parties it ,
has se c ured support in certain L ibera l organs ,
and every now and then the supposed fact

has been asserted in organs of a d ifferent
polit i cal comple xion such as the Da ily M a il
,
and the D a ily E xpr ess wh i ch have a special

,
c la im t o voice the O pinion of the man in the

street on econom i c questions .
U sually this argument takes the vague

”
form of a denunciation of pr o fit e erin g ,
on e c lass after another being accused of

mak ing e x cess ive profits out o f the war
because they charge the market price for
the ir goods . But sometimes we get the
statement in a definite form : thus in the ,
D a ily N ews of S eptember 8th 1917 M r A G

, , . . .
t he cap i tal of the

“
Gardiner declared that
individuals o f the nation has increased during
the war from £ 16 thousand millions to £ 2 0
fact i t is only capital s o far as it is r e pr e
sented by things o f permanent value such ,
as manufactories machinery buildings an d

, ,
railways to the extent Of the ir post war

,
-
value probably an insignificant proportion

,
o f the total The Wa r D ebt resembles the

.
mortgages of the spendthrift or the litigant ,
rather than those o f the landowner who has

borrowed in order to convert wastes or
marshes into plough lands and meadows .
E xcept for the post war value of the war

-
factories and o f any plant brought back

from abroad which will be relatively small
, ,
all the Wa r D ebt represents money which

has been spent unproductively and money ,
so spent cannot increase the national

wealth .
S upport for the view that war increases

the national wealth comes from unexpected
quarters ; Professor A C Pigou in the. .
,
E con omic journ a l for Ap ril 1918 (page

,
says I ha z ard the guess that apart from

the N ew Wa r L oan S ecurities the value of
’
the country s capi tal will be much the same
after the war as in 1916 17 This means
— .
that counting the new Wa r L oan it will

, ,
come to so mewhere about millions ,

or half as much again as it was immediately

before the war It is an obvious deduc tion
.
from this statement that a country which

wants to get rich quickly should start a big
war and then borrow enormous sums since ,
the longer the war lasts and the more money

is borrowed the richer the country will
become ; and our view that Germany and
Austria have been ruined by the war and
their borrowings must be en tirely reversed .
M r P e thick L awrence in his recent book

.
, ,
A Le vy on Ca pita l says (page 1

The
“
well to do classes will not merely possess as

- -
they did before the greater part of the

,
existing wealth of the country they will also ,
t hrough their holdings in Wa r L oan have a

lien upon an immen s e part of the wealth
produced in the future and again (page
The distribution o f wealth will be still
more unequal when the war ceases than it
was when it began for the small number o f
,
rich men will retain most o f what they had

before and in addition they will have added
the right t o participate because of their ,
holdings in Wa r L oan (bought largely out of

profits on war contracts) in a great part of
G A ll e n nd U n w i n Lt d
1
. a 6d n t ,
. 25. . e .
the wealth which future generat i ons w ill
create.
L et us see what foundat i on there is for

these v iews which run s o directly counter t o
,
the older op inion that war is a process which

destroys wealth instead of creat ing it It is .
sin g ularly f ortunate that the S uper Ta x re

-
turn should have been published at this

moment (O cto b er 2 1s t , si nce it gives
the exact figures not otherwise procurable

, ,
o f the changes in income among the wealthier
c lasses since the war Had it been available

.
when Professor P i gou and M r L awrence .
wrote they woul d have perceived that their

hypothes i s of a large addition t o the pre war -
wealth of the w ell to do or o f the propertied

- -
classes was not borne out by the investiga s
tions o f S omerset H Ous e Where the

.
,
Westmins ter Ga zette asks in surprise are ,
all the people w h o were bel i eved t o be

m ak i ng great fortunes out of the war They
d o n ot make their influence fel t in this
“
re turn (O ctober z r st ) It cannot be argued

.
that the year in th e return does not

c over a period during which war profits were
being made it actually covers the peri od o f
the highest s hipping profits a nd of the lowest
series of the E xcess Profits Duty while all the ,
Blue book rates and most of the price fixin g

- -
and other methods for reducing profits came

later
The S uper Tax return is even more remark
-
able than it appears at first sight and must ,
b e dealt with at some length As reported in .
the newspapers o f O ctober I st 1918 n o , ,
notice was taken of the fact that the

—
figures for 1914 15 were described in the
’
Inland Revenue C ommissioners report as 1
final figures whi le those f o r the nex t

,
t w o years were both marked Assess

ments made at 3 oth April 1918 They , .
are all shown in the two tables on pages

80 8 1
-
.
A paragraph at the head of the page giving

the return explains that the figures for any
period are n ot finally settled for about thre e
years the S pecial C ommissioners continue
to receive returns f o the years 1915 16
r —
,
— —
1916 17 and 1917 18 and complete statist ics
,
for those years are n ot available The latest .
information indicates that the total income

ultimately t o be dealt with the yield of the,
tax and the number of persons charg eable

,
1
Cd 9 15 1
. .
80 TH E ‘
W AR D E BT
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a
T HE C A P IT A L L E VY 81
Ye a r 19 16 —17
(A s se ss me n t s ma de at
3o t h Ap i l r ,
Cl a ss.
T o ta lI n co me s Numbe r of
As se sse d .
1
P e rs o n s .
E xce e d i ng . N ot i
e x ce e d n g .
Ttl o a
for the respective years will be a ppr oxi

”
mately as follows
Ye a r of E i md E im d i ld st a te st a te y e
A m
sses s e nt. lI m h S p t o ta n co e. of t e u e r - ta x .
19 1 5 —
16 2
19 1 6 — 17
—
19 1 7 1 8
These estimates detract slightly from the

surprising nature of the detailed tables for ,
S fo t t e pr v i u p g
1
ee o no on e o s a e.
82 .
T HE W A R D EBT
they make the number o f S uper Ta x payers -
—
in 1916 17 larger and n ot smaller than in
19 14 15 and they make the income nearly
—
£ 4
1 millions instead o f Only £ 3
2 milli ons
higher For the third war year they add
.
further both t o the number of Super Tax -
payers and t o their aggregate income S till .
the fi g ures are enough t o disprove completely

the theories of the Da ily N ew s and The N a tion ,
and w hen we allow f or the increased Income

Tax we Shall find that the incomes of people
with over even as expressed in
money have been lowered rather than
raised by the war Then we must reckon the
.
further e ffect of the fall in the purchasing

power o f money in lowering the re al value of
all incomes The E con omist gives the follow
.
ing Index N umbers for the end of S ep

tember which we may take as the middle of
,
each financial year .
These pri ces ref er t o commodities only and ,
Ye a r . I nde x N umbe r .
S e p te m br
e ,
1 9 13 12 3 3
—
19 14 12 6 —4
15 —
1 6
5
'
19 1
1 9 16 2 01 -
0
19 1 7 2 5 6 -
1
19 18 2 —
83 1
84 TH E W AR D E BT
incomes of S uper Ta x payers in the three -
years beginning April I st 1914 , .
Y ea r. Gr o s s I nc o me . Ne t I nco me .
7 5
19 14 -
15 2 44 mi ll i ons 3 3
6 m i ll i on s Ni l 2 07 3 mi ll i o ns
19 15 "
I6 225 5 0 29 mi ll i ons 14 6
19 16—17 2 47 76 57 I 14
In this table I have taken the incomes

actually assessed ; if the estimate of the
addit i onal amounts t o be se c ured final ly be
taken the figures are still remarkable but not
quite so startling and we get an est imate for ,
—
1917 18 as well .
Y e a r. Gr oss I n co me . Ne t I nco me .
19 14 —15 2 44 mi ll i on s 3 3m
6 i ll i ons Ni l 2 073 mi ll i o ns
19 15 -
16 22 83 50 2 2 93 m i ll i o ns 14 83
19 16 17 2 58 791 5 92 119
-
19 17 -
18 2 80 84 65 13 1
’
As a result each year s war therefore of , ,
we find that the real net income of the well

t o do classes has fallen steadily
-
Between .
—
1914 15 and 1916 17 it may be said to have -
fallen by nearly two fift h s i e from £ 2 073 -
, . .
millions to either £ 114 mill ions or £ 119

m illions according t o the table selected
,
.
These fi g ures must not be taken as arith

me t ica l l y precise they are only deductions

,
from approximate facts and other ca l cu ,
lators might work out different figures which

would show either a smaller or a larger
decline in the real income of the well to do — -
classes ; but no one n ot even the most ,
hardened of expert witnesses in rat in g appeals ,
could use these figures to Show anything e x

cept a considerable movement a ga ins t people
with over a year .
What has re al ly happened ? To give a

complete answer on e would need a detailed
report ii pon the individual returns of the
S uper Taxpayers and such a report is out
-
of the question It may be surmised how

.
,
ever that a cons i derable number o f persons

,
have dropped out o f the S uper Tax class

owing to loss of income from on e source or
another As M r P e t h ick L awrence re marks
. .
in his Introduction (page 1 “

The total
amount of national wealth and its dist rib u
tion among the different classes of the nation
”
suffers in war profound modification M any .
capitalists even those far below the

,
a
year point have their investments d istributed
,
over a wide area some of them w ill have held

,
A L y on C pit l (All e n
1
ev U nw i n )
a a .
German or EAu s t r ia n G overnment S tocks , or
B ul g a r ia n i
fgg
“
S ixes or Turkish,
U nified
and the F our per cents of 1909 The income . .
from all these ceased sharply when war was

declared between E ngland and each of the
four nati ons The mere fact of war t oo , ,
stopped the earning power o f vari ous other

investments ; property on the E ast C oast ,
for instance became almost valueless under

,
the menace of bombardment and all over the ,
country the value of house property changed ,
ris ing in on e place and fall ing in another ,
wh ile cottage property fell in some areas and

was prevented from ris ing in the mun i tion
areas by the R ent R estr i ction Act C om .
pan i cs of all kinds t oo found great difficulty

, ,
in raising fresh capital and many of them ,
suspended or reduced their dividends rubber ,
companies e g have been in difficulties ever

,
. .
since the war began .
In saying this it i s not necessary t o deny

that war profits have been made but it is ,
probable that n ot very much has been dis

tributed in dividends Wa r profits indeed .
, ,
have been made by individuals or by small

new companies rather than by large and ol d
established concerns : thus farmers have
made large profits especially in the earlier

,
period of the war but they do not come into

,
the S uper Tax list and they are assessed t o

,
Income Tax on their rent and not on their

,
profits C ertain very big companies Rail

.
—
ways Banks and Ga s C ompanies reduced—

, ,
their dividends the first tw o slightly and the

,
last very seriously .
S o far as we have gone there is no evidence

that the propertied classes with over
a year have made money out of the war .
All the evidence in fact points to the con

cl usion that their incomes have been seriously
reduced by the war L et us in the next

.
chapter s e e what has happened to their

c apital .
CHAPT ER I X
A P I TA L C H A N G E S
C D U RI N G TH E WAR
HE
edi tor o f the D a il y News asserts
that the capital of the individuals
of the nation has increased during
the war from millions to
millions This statement or others in
.
,
similar terms forms the basis of the case for

,
the C apital L evy It seems so equitable to

.
argue that the properti ed classes have added

mil lions to their wealth during the
war therefore they should be made to pay
,
that sum to redeem the Wa r D ebt ”

.
’
G ranting for the moment that M r Gardiner s .
figures are accurate what do they mean ?

,
The pre war capital was reckoned in go ld

-
pounds the present capital is reckoned in

,
paper pounds and a paper pound will now

buy little more than one half as much as a
gold pound would have bought five years ago .
’
C onsequently on M r G ardiner s figures the
,
.
,
88
C A P IT A L C H A N G E S 89
re a lcapital of the individuals of the nation

has declined from millions (gold ) to
millions or millions (gold ) .
In short war has impoverished the nation it ,
has not enriched us ; and that is exactly

what the D a il y N ew s was argui ng in July ,
1914 and what we should expect to happen

,
.
It is one of the many disadvantages of a

Government paper currency un supported by
-
gold that all comparisons with the conditions

which prevailed under the gold standard are
subj ect to an indefinite percentage of error .
A currency such as we have at present is

almost bound t o depreciate continually : in
other countries such as Russia we can see
, ,
the process of depreciation at work because

it has been so rapid ; in our own case it i s
not so easy to perceive it j ust as a member
,
o f a family hardly notices how the others are
growing older because the change from day

to day is imperceptible .
Perhaps the popular belief in the money

making power of war would not be so strong
if people would think out what is meant by
the national capital S tocks and Shares and
.
bonds and certificates and deeds are not

”
capital they are only evidences of title to
,
90 T HE W AR D E BT
“
capital The national capital is to b e found
.
‘
in railways houses factories harbours rolling

, , , ,
stock cattle stock in trade and so on Is

, ,
- -
,
.
it not cle a r that the war has not extended

our railways or improved their permanent
,
way or increased their rolling stock ? It

,
has in fact done precisely the opposite in

, ,
each case rolling stock has been exported

,
and n ot replaced repairs and renewals have ,
been postponed rails have actually been ,
torn up and sent to France S o too with .

, ,
houses new ones have n o t been built and

, ,
we are faced with a shortage reckoned by

hun dreds o f thousands ; ol d houses have
been allowed t o fal l into disrepair It is the .
same with other kinds of property everyone ,
knows how our cattle and pigs and sheep

and horses have dimi nished in numbers and
how the stock in trade of every business has - -
been cut down until every trader lives from

hand t o mouth F actori es alone have in .
creased greatly in si z e and number but the ,
new factories have been built mainly for the

manufacture o f war material ; they are
seldom planned with a view to their use in
peace time and their after war value may
,
-
prove to be very sma ll f O ur mercantile

held agri cu ltural land or shares in industrial
companies he is probably worth more than
if he o w ned s hips or coal he may
be worth i f he wa s a dairy farmer
and has maintained his herd of cows in un
diminished numbers and condition he is prob
ably worth £ 2 o oo o
,
. But the farmer is
seldom a large capitalist and the man with
,
o v er worth of cows is unusual In .
div idua l s own i ng ships are still more rare ,
and although great landowners who are also

colliery proprietors may be met occasionally ,
most large commercial undertakings are now

worked by limited companies It will be
.
found that most S tock E xchange securities

have fallen in price since July 1914 and the
, ,
few instances to the contrary such as ship

,
ping or armament shares represent a small

,
fraction of the whole Even if the change in

.
market pri ces had moved I n the opposi te

m
directi on so that ost stocks showed a rise
,
instead of a fall in pri ce the real result would

,
still mean a loss to holders unl ess the per

centage of rise was enough to counterbalance
the depreciation of the currency F or this .
purpose a stock worth £ 100 in July 1914 , ,
would have t o rise to something between

CA P I TA L C HAN G ES 93
£15 0 and £ 180 ; whereas in

, fact a gilt ,
edged stock worth £ 100 in July 1914 is , ,
only worth about £75 in N ovember 1918 ,

.
It is possible to Show the precise effect of

the war on investment stocks because the ,
B a n kers M a ga zin e publishes at intervals of

’
a month or two a list of 3 87 selected securi

ties wi th their market values on the S tock
’
Exchange Before the war these 3 87 s t o ck s

. r
were val ued at mi lli ons (gold) on

July 2 0t h 1914 By D ecember 1917 they
, .
, ,
had sunk to millions (paper) With .
the successive o ffensives which broke the

Hindenburg Line in the summer and autumn
of 1918 ,
followed by the capitu l ation o f
Bulgaria and the German appeal for an
armistice prices rallied from their lowest
,
point and the list pub lished as I write shows

,
that on O ctober 18th the aggregate value had

recovered to mill ions (paper) S howing ,
a decline of £5 7 6 millions This table is in

.
t e r e st in g enough to be reproduced in f ull .

’
coo s O M I TT E D
De p a rt me n t , conta i n in g
19 14.
9 B r i t i s h a nd I nd i a n 6 6
5 51 50 I2 4170 5
5 0 7 C rp r t i n
o o a o
11 Co l o n i a l G o v rn e
me n t .
7 143 5
1
Io C rp r ti on S t ck s
o o a o
(C 0 1 F o ) r. I 3,944
3 F r i gn G v t
.
1 o e o .
2 6 B ri t Ra i l O d
5 0 . . r . 2 04 994
11 D eb
Pr
.
I 49, SOO 13 ef
I
.
5 d in R i lw y
an a a 43 56 5
9 R i l w y
a B r i iah s t s
P i o s s e s s on s I 3,37 3
17 Am ri c e R il y an a wa s 2 74 2 0 2
17 8 000 16 B d (G l d) on s o I 49,S 3O
24 F r i gn R i lw y
o e a a s
14 B r i t i h B nk s a s I
9 C l n i l B nk
o o a a s
I 13 S e mi F or i g n e
B a nk s
151900 18 B r e w ry S to ck e s
4 C a n l a n d D oc k
a s s
3 8 C o m m e rc i l n d a a
I nd u t r i l s a .
6 E l e c t r i c L i g h t a nd
P ow e r
7, 12 0 11 La n d a nd I v n e st
me n t .
5 G a s
2 1 I ns u r a n c e
8 Ir C o a l S te l
on , , e
7 S h i pp i n g
T e l g r ph a nd
4 e a s
T l p h ne e e o s
41970 7 T r m w a y a nd a s
O mni b u s 4 1887
2 7 15 4 W ter w o rk
a s 2 14 54
15 S A fr i c a n M i n e s
6 C pp ro e
8 M isc l M i n i ng e .
8
3 7 T o ta ls
hold their property it looks the same and,
bears the same figures but its real value has ,
been halved The documents of title to

.
shares in the national wealth have been

multiplied but the wealth itself has been
,
diminished consequently each old document

,
represents a smaller share than it did four

and a half years ago As each successive .
Wa r L oan has been floated or even as the ,
daily output of Wa r Bonds has continued ,
holders o f C onsols of M unicipal L oan S tocks

, ,
or of debentures and prior charges in com
pani cs have lost fraction after fraction of

,
their claim on the nat i onal output after the

war .
Before the war moreover Engli shmen held

, ,
documents foreign war S tocks shares in

—
,
foreign railways and other remunerative un

d e r t a k in g s which entitled them to receive
—
so many million pounds a year for interest

or dividends These millions came of course
.
, ,
n o t in money but in goods and services
rendered to us by the foreigner This stream .
of goods and services seems likely to change
its course and to flow westwards across the

Atlantic though a smaller current should set
,
in towards our shores from our debtors on

C A P I TA L C H AN GE S 97
the C ontinent unless this is counteracted as ,
it may be by the claims of the neutral

,
countries which have been b uy In g back their

,
securities from us and have bought some of

our own securities t o o If this is so there
.
,
will be prior claims on the nati onal output

which will reduce still further the share
.
—
available for the owners o f pre war wealth .
It is I hope unnecessary to deal further

, ,
with the allegation that the propertied classes

”
have made money out of the w a r It has .
been made as plain as fi g ures can m a ke it

that most kinds of property have depreciated
from 3 0 to 60 per cent as a direct result of
the war and of the method adapted i n 1914 15
,
—
for financing i t These calculations are based

.
on the fact whi ch is not I think denied by

, , ,
anyone that the measure of value itself i e

, , . .
the pound sterling has changed We have

, .
reached the extraor dinary posi tion that no

on e kn o ws exactly what the pound sterling
is worth : for many years past Englishmen
have boasted that their soverei gn was the
best known coin in the world circulating in
‘
all civilised and some other countri es at its

full value N ow we have sovereigns in
.
paper prin ted and iss ue d every week until

, ,
98 TH E W AR DEBT
there are n o less than £2 87 millions o f paper

pounds supported by a mere £2 8 2 millions of
1 “
gold the same amount o f gold as when the

—
note issue was only {46 5 millions in June

—
,
1915 .
It is not the purpose of this book to discuss

currency questi ons but the issue and over
,
issue of Treasury N otes has had a marked and

deplorable e ffect in i ncreas ing the money
cost of the war and possibly i ts real cost as
well The evils of a G overnment N ote issue
.
were recogn i sed long before the war M r . .
Huth Jackson m his presidential address t o

,
the Institute o f Bankers in N ovember 1910 , ,
quoted t h e well known American authority

-
M r C onant who wrote in his H istory of

.
,
M odem B a nks as follows

A G o v e r nme nt pa p e r c ur re n cy h a s r a r e l y b e e n
is s u e d t o pr o mo te t h e c o n v e n i e n c e o f c o mme rc e a n d
,
ha s s e l d o m c o n t r i bu t e d t o t h a t e nd. E xp e r i e n c e a s
,
w e ll a s t h e o ry h a s p r o v e d t h a t G o v e r n me n t p a pe r
,
mo ne y is e ss e nt i a ll y d i ffe r e n t in c h a ra c te r f r o m
ba n k i ng pa p e r a n d o p e ns a P a nd o ra s b o x o f e v i l
,
’
fo r e v e ry n a t io n w h i c h u s e s it . T he d i ffe r e n c e
b e t w e e n a G o v e r n me nt p a p e r curr e ncy a nd b a n k
n o t e s is n o t o n e o f e xp e r i e n c e or a cc i d e n t me r e l y ;
it is a d i ffe r e n c e w h i c h is fu n d a me n t a l . B a n k i ng
p a pe r is b a sed o n bu s i ne s s t r a ns a c t i o ns a nd is,
100 T HE W AR D E BT
by the Bank of England to take their place .
1
In the current number o f the E con omic

j ou r n a l (S eptember D r J C S tamp , . . .
,
whose work on B ritis h I n comes a n d P roperty

makes him one of the leading a ut h ori
ties on the subj ect and possibly the first
amon g them conducts a careful inquiry into ,
the pre war and post war wealth of individuals

- -
in the U nited K ingdom H e comes to the .
conclusion that the capital in private hands

which would have been returnable in practice
for C apital L evy before the war could not
have exceeded millions or h a v e b e e n s
”
less than millions In estimating .
the post wa r capital D r S tamp admits that

-
, .
the data are far less certain he reckons that

the rate o f investment interest will remain
”
1
Th e rs t i nt ri m r p rt f th C o mmi tt e e on C u rre nc y
“
fi e e o o e
a nd F o r i g n E x c h n g
e ft r t h W a w h i ch w a
es p ubl i h d
a e e a r, s s e
o n O c to b e r 3 th 19 18 t k me v i e w L r d Cunl ifi n d
’
o th e
, ,
a e sa . o e a
h is c o ll gu e ea mong w h m
s, a L or d In h c p a nd t he S cre
o a re c a e e
t a ry t o t h e T r a u r y Si r Joh n B r db u ry d c l a r u n n i
e s ,
a ,
e e a
mou l y th a t it i in u ju dg me n t i mp r t i v t h t th e i s u e
s
“
s, o r ,
e a e a s
o f fid u c i r y n te
a h ll b
o s s n apr c ti c b l n c m re
e, a s s oo as a a e, o e o
l i mi t d by l w ; n d th y dd l m t in th w rd f th e
e
”
a a e a , a os e o s o
B r it i sh A c i a ti n r p rt w r c mm nd th t th e N te
s so o e o ,
“
e e o e a o
I u (e x c p t
ss e e re g a rd x i sti ng pr i v t i su ) sh u l d b
as s e a e s es o e
e n t i r l y in th
e h a n d f th B n k f E ngl a n d
e s o th e e a o .
o u t t ndi ng C u rr ncy N t h ul d b r ti r d nd B an k f
s a e o es s o e e e a o
E ng l a nd n o t s o f l w d no mi na t i o n s u b s ti t u
”
e o te d
e .
CAP ITA L ca n nons $9 3
1 1
near its present level of 5 per cent and that ,
prices will be about 2 5 per cent higher than

before the war He works out the following
.
ad ditions to and reduct i on in pre war wealth :

—
'
Add zfzons
'
A gri cul tur l l d a an
F rm r c pit l
a e s
’
a a
G oo dw ill
Ho u se s a nd t r a d e b u i l di n g s
new
Wa r Loa n s e t c ,
.
5 ,o o o ,
o o o ,
o o o
M o ve a b l e p rop e r ty n ot y i e l d
ing I n c o me (fur n i t u re e tc ) , .
T ot l a 6 , 2 5 0, o o o , o o o
L es s R eductions
F r ig i v
o e n n e st me n ts so ld
D e p r e c i a t i on of ra i l wa y s
Ne t a dd iti on 5, 2 0 0 ,
o o o ,
o o o
Thus Dr S tamp brings the capital wealth

.
o f the U nited K ingdom in private hands as
at M arch 1919 to
, the neighbourhood of
,
millions It will be noticed that he

.
takes no account of the fall in the buying

power of money as that question lies outsi de
,
his investigation .
If then we apply our deduction of one

, ,
in? TH E W A R
i t
D E BT
third for depreciation of the currency we ,
get the following result :

f
P ost wa r va l u a ti on
,
-
1 6 , o o o , o o o, o o o
D e duc t one th i rd -
R e su l t 10 , 6 6 7,o o o , o o o
The war wi th i ts huge L oans and appar

,
ently vast additi ons to the capital o f in

div idua l s is seen to have reduced t heir real
,
capital S ince we are talking of capital and

.
not of income the question of Income Tax

does not arise but we must not forget that
,
the owners of post war capital wi ll have to

bear the burden o f a Wa r Income Tax for
the rest of thei r li ves .
104 TH E W AR D E BT
brought under t h e review of the D epartment ,
which was millions for 1913 14 and -
—
millions for 1916 17 showing an
,
apparent growth in the incomes of the Income

Tax Pa y ing classes o f £49 5 millions But .
here the compari son i s upset because the

th ings compared are n ot the same s i nce in ,
the fir st year the point of total exemption

from Income Tax was £ 160 a year whil e i n ,
the second year i t was £ 13 0 ; so we must

make an allowance for the incomes betwe en
those t w o po i nts which are included in the
—
1916 17 total A further allowance must be
.
’
made for F armers Profits (S chedule B )
‘
since the b asis was changed by Mr McK e n na . .
from on e third of the rent t o the whole rent

-
so that the gross total rose from £ 17% millions
in the earlier year t o 5 1% mill ions in the later

’
year Perhaps the farmers figures ought to
.
be ex c luded f rom our calculations altogether ,
s ince they are not based upon profits or

income at all and may have li ttle relat i on t o
e ither O ne of the most obv i ous reforms in
.
Income Ta x law would b e t o assess farmers

on their real profits .
After Gross Income

“
we have another
”
figure called “
Taxable Income which i s
,
I N C O M E C H ANG E S 105
obtained by st riking out (1) that fract i on o f

the income o f exempt persons which comes
under the provision of the D epartment
()
2 incomes o f charitie s hospitals etc and , , .
,
(3 ) allowance s repairs ,
etc Taxable In ,
.
”
come therefore is the net i ncome of taxable
, ,
" —
persons The figures for 1913 14 and 1916 17
.
—
are £ 95 1 mil l ions and millions r e

spe ct iv e l y N ext we come t o the third and
.
final figure In come on which Tax was

,
received Taxable Income less abate ,
ments life i nsurance premium and reli ef for

, ,
ch ildr en This total for the two years i s

.
£7 9 ?
1 2 mi ll ions and 8
£9 2 1 millions showing a ,
growth of £ 190 millions only In spite of the .
lowered abatements the amounts allowed ,
show the large growth from £ 15 9% millions t o

£ 3
3 1 m»
i llions This seems
. t o ind i cate a
correspondingly large growth in the number
o f smaller incomes It may be well t o se t out
.
these figures in tabular form

191 14 .
2
-
(a )
“
G
ros s I ncome 1, 16 7, 184,ooo
( ) A ll o w a nc e s , e tc
6 .
( )
5
“
T a x a b l e I n c o me
d
( ) A b a t e m e n t s ,
e t c .
( )
e I n c o m e o n w h i c h Ta x
w a s r e ce i ve d
”
T HE W A R D E BT
l n e t pro du c e of T a x
T o ta
Ne t pro du c e pe p e nn yr
A v e ra g e c t i v ra t
e ffe e e of
T x on e c h p u nd
a a o of T a x, 11d .
T a x a b l I n c me
e o . (T a x , SS in
There is little in this table to suggest any

large addition to the incomes of persons above
the limit of abatement i e £7 00 a year ; , . .
indeed the i mmense growth in the amount

allowed for the reduced abatements suggests
very forcibly that the g rowt h is to be found
i n the smaller i ncomes i a those wh i ch get , . .
larger abatements .
If we allow for the new class

of taxpayer i e those w i th i ncomes between
, . .
£ 3
1 0 and £ 1 6 0 a year £3 4 mill i ons for the
,
treble assessment of farmers and £2 0 millions ,
f o r the extra share of super tax people we -
get £495 m £ 2 91 millions as t h e extra

.
income rece ived by persons with incomes

between £ 160 and a year .
It would not be fair however t o treat th i s , ,
sum as the increased incomes of those wh o

were paying Income Tax before the war ,
because a huge army of G overnment em

l
p y o e e,
s sk ill ed wor k men and others have , ,
108 T H E W AR D E B T
It i s surely clear from t h es é figures wh i ch ,
are based upon the only avai lable statist i cs ,
that the real income o f the propertied or

Income Tax Paying classes has dim inished
very seriously as a r e sul t .0f the war M ore .
over as was demonstrated in an earl i er

,
chapter the money income of the nation has

,
increased enormously as the result of G overn

ment e xpenditure out o f borrowed money .
If the G overnment had pursued the sound

pol i cy of paying i ts way by taxation there
would have been no i ncrease in t he money
i ncome of the nat i on because what the
,
G overnment spent would be obtained from

the ta xpayer H ad that method been adopted
.
i t would be clear to the m eanest capac i ty

that the well t o do classes were paying for
- -
the war because through the Income Tax

‘
they would have been contr ibuting the

greater part of the revenue which the Govern
ment would be distr ibut ing i n wages pay , ,
allowan c es and pens i ons N evertheless the

.
,
propertied classes would really have been

much better o ff even if the Income Tax had
been graduated from 5 3 t o 15 s in the pound
. .
as soo n as the war started for the diminished

,
income wh i ch was lef t t o them would have

maintained its purchasing power and when , ,
I N CO M E C H A N G E S 109
the war was over they could look forward

to an im
,
mediate reduction in taxation and

would not have to face the burden of an
enormo us Wa r D ebt .
It is not necessary to argue that every

penny which is spent on a war should be
raised by taxation ; it is su fficient for my
purpose to affirm that all money required for
pay wages allowances and pensions sh a ll be
, , ,
obtained by taxation and not by borrowing .
I f the Government has to buy land houses or ,
ships it may pay for these th ings out of loans

, ,
for they are what is called capital e xpe n di

ture O ne of the chief purposes of money or
.
currency is to act as mach i nery for mov ing

commod ities from the persons who pro dué e
them to the persons w h o consume them In .
—
war t ime there are n ot so many commodit i es
available as at other times therefore less ,
money or currency is needed t o move them ,
y e t our G overnment has nearly doubled the

amount o f money whether by M oney we ,
’
mean income or currency L ord Cunliffe s .
C ommittee whose Report is published as I

,
1
write this chapter (N ovember 2 n d) reckons ,
that the amount of legal tender money ex

1
Cd 9 182 . . C ommi tt
e e on C u rr ncy a nd F re i g n E xcha ng
e o es
a ft er th e W a r .
pa n d e d from 180 milli ons on June 3 oth 1914 , ,

'
to £ 2 82 2 millions on July 10th 1918 ; £ 2 9 ,
m il lions of currency notes have since been .
added t o the latter total Roughly we have .

,
'
£ 2 0 n o w to do less work th an £9 did four and .
-
half years ago According to the Quanti

t a t iv e Theory o f money prices should be ,
rather more than double those of July 1914 , .
O n an e arlier page i t was suggested that

the money income of the country had in
creased from to millions .
S ince there are no stat i st i cs of incomes under

£ 3
1 0 a year and ,
since i t i s n o t clear h o w f ar
the increases o f weekly wage earners are in -
cluded i n the Inlan d R evenue return est i ,
mates of the present nat i onal i ncome must

be vague ; the f ollowing may be put forward
as a guess
I c
n o me s of 19 13 —14 2 , 4 0 0 ,
o o o ,
o o o
D e duc t for Wa r Loss (one e i g hth)-
Add f or Gov e r n me n t xpe n di ture

e
in U n i t ed K i n g d o m (i n c l u d i n g
tha t o f D o mi n i o n s a nd All i e s)
D educ t for Exc e s s P r ofi t s D u ty

Ne t I n co me 3, 6 0 0 ,
o o o ,
o o o
Insurance Act H ad that Act b een based on
.
quart erly payments the fri ction and loss

would have been enormous Perhaps a part ‘
.
o f the appare n t discrepancy may be accounted
for by the hundreds of thousands of women

worke rs w h o have come into industry t o take
’
men s places and w h o are getting good wage s ,
e g £ 2 a week for t he first time

. .
, .
In any case i t seems certain that by far the

,
larger part of the increased money i ncome o f

the nat i on s ince August 1914 has gone t o the , ,
'
wage earners The ol d distinction between

-
.
Income Ta x Payers and wage earners has -
di sappeared partly as a result of M r

, .
’
McK e nn a s Budgets but more as a result o f ,
the immense r i s e in wages It i s qu i te poss ible .
that whereas the wage earners were gett ing -
s a y on e half of the national i n c ome be f ore the

-
war or ,
mill ions a year they are now ,
etting t w o thirds or £ 2 400 m illions ; their

g
-
, ,
share c annot be put lower than three fifth s -
( £
o r 2 16 0 mill
,
i ons ) at the lowest est imate .
These are gross figures in order t o fin d net

incomes on e must deduct some £5 00 or £ 600
mill ions for taxation less £5 0 or £6 0 millions, ,
for that ama z ingly fool i sh thing th e L oa f

S ubsidy .
I N C O ME C H A NG E S 113
This might work ou t more or less as

follows
Sh f W g a re o a e - e a rne rs . Sh a re of th e Res t.
16
I nc o me
Le s s taxa t i on 1
Ne t I c
n o me 5
O r taking the three fift h s and -

t w o fifth s
-
divis i ons we have

,
Sh a re o f Wa g e -
e a rne rs . Sh a re o f the Re st .
I c
n o me 2 ,
1 6 o , o o o ,
0 0 0 1,44 0 ,o o o ,o o o
Le s s taxa t i o n
Ne t I c
n o me 2 ,
0 3 ,
o o o o ,
o o o
In conclusion it should now be evident that

the Wa r D ebt has been incurred mainly in , ,
order to pay inflated rates t o the wage earners -
not to pay inflated profits t o the owners of

property A general increase in the rate o f
.
wa ges was overdue before the war especially ,
in the case of the agricultural labourer and o f

country wo rkers as a whole it is unfortunate
that this increase should have required a war
in order t o bring it about During the four .
years and a half of war there has been a sh ift'
ing of in comes and of c a pital as well from

, ,
8
l 14 T HE W A R D E BT
the pre war cap italist class to the wage
-
earning class S ince the war wages have .
been paid mainl y out of Wa r L oans and ,
since these L oans were largely a concealed

L evy on pre war capital ; the wage earners - -
have had a wonderful opportunity of b e com

ing capitalists themselves M any of them .
hav e saved as the records o f Wa r S avings ,
Associat i ons prove : if a larger number

preferred t o spend freely and force up prices ,
while others saved their better wages (which

were e x empt from the E xcess Profits Duty) ,
they have n o on e t o blame but themselves .
S o on r th i ch p t r w a w ri tt n th e C ommi tte e on
a ft e
’
s a e s e ,
F i n nc i l F a c i l i ti e (w i th Si r R V r S mi th s C h i rma n nd
a a s . a s sa a a a
th e S cre t ry t th T re u ry Si r J h n B r db u ry a m ng h i
e a o e as , o a , o s
c ll e gu e ) p ub l i h d it Re p r t (Cd
o a s s e T h C mmi tt es o . e o e
c me t’o th e m c nc l u s i on s th
o s sa r a ch e d by L rd
e o s a os e e o
Cun l ifie C mmi tte e It sa y th r i n o l g l l i mi t t th

'
s o . s
“
e e s e a o e
a mo u n t f C u rr n c y N ote w h i ch m y b e i u d n d t h r i
‘
o e s a ss e , a e e s,
th r f r
e e o e, n u t m t i c c h e c k u p on t h e x p n i n o f c r d i t
o a o a e a s o e .
T h e t ot a l d e p o i t o f t h B a nk f th U n i t d K i ng d m
s s e s o e e o
(o t h e r t h a n t h B n k f E n g le n d ) w h i cah m u n t d oon t h a a o e e
3 l s t D e c m b r 19 3
e1 t o £e1 ,
n w,
ppr c h i n g ,
a re o a oa
Th figu r a n i ndi ca t i n
e se f th v r y es re a o o e e
gr e a t e xp ns i n of cre di t w h i ch h a t k n p l c e u p t th
a o s a e a o e
pre nt t m a nd w h i c h s ti ll r m n u nch ck d T h e e n r
se i e, e ai s e e . o
mousl y i ncr e a d p u rch i n g p ow r t hu cr t d h

se in u
as e s ea e a s, o r
O p n i on b e e n one f th e m i n f c tor s c ontri b u ti ng t th r i s n

i , o a a o e e i
price s w h i ch h s t k n p l c ”
a a e a e.
O n D c e mb e r 2 4th 19 18 th e t ta l s ue f Cu rr e nc y N ote
e , ,
o 1 s o s
a n d Ce r t i fic a te a mo u nt e d t s o th a t t h e r t i f o s a o o
g ol d to note s h a s fa ll e n to 88 pe c e nt r
or a tax but in this sense it shoul d not be
”
used in contrast with the working classes ,
since there is n o class nowadays except the ,
aged and disabled whi ch does not work

, ,
and if M r L aw means wag e earners as no

.
-
doubt he does his assumption is unfounded

,
'
because as w e have seen the wage earners
, ,
-
in the aggregate have had far more money

to spend than the rest of the community If .
,
again M r L aw means persons with large

,
.
incomes e g over a y e a r his statement

f
. .
, ,
is still untrue since these incomes are n o t

,
all derived from property probably not even ,
the maj ori ty of them for they include the

,
s al aries o f C abinet M inisters and Judges w h o ,
show a regrettable di sinc li nation to serve

their country for naught .
The whole income of the S uper Tax class

was only estimated at £2 80 milli ons for
1917 18—
,
and fro m this total the sum of
£94% m i ll i ons was extracted for Income and
S uper Tax At the present time (1918 19)
.
—
the proporti on extracted by taxation has

risen from on e third to more than two fift hs
- -
.
If the whole of the remainder were confis

ca t e d
,
which is inconceivable it would not ,
m r e than half the intere s t on the Wa r

p yg
a o
Debt . As we go lower down the list of

incomes the proportion deri ved from earnings
becomes constantly hi gher .
’
Taking Dr S tamp s figure of
.
mi llions for the total value of privately

owned property we may c al culate the income
from it as about £880 millions a year This
"
.
is less than a quarter of the suggested total

for the national i ncome millions ) so ,
that there is all the di fference in the world for

the people who have money between pay
ment by L evy and payment by Tax In the .
case of a L evy the burden would fall upon

the owners of the £880 millions and mainly ,
if graduated on those w h o owned about half

,
o f it in the case of a Tax the bur den would

,
fall on the owners of the millions and

again if graduated mainly on those who own
, ,
about half of it among whom the owners o f

,
the £880 milli ons would pay a heavier per

centage tha n the rest Is any further argu
.
ment needed to prove the unfairness of the

proposed C apital L evy P
There are still I believe some people w h o

, ,
think th at the alternative after the war is

,
between a C apital Le vy and a high Income

Tax ; they reckon that if there is a Levy
they will p ay it once and for a ll and start
'
free from all worry about the Wa r D ebt They .
’
take M r Bonar L aw s Vi ew that it does not
.
much matter which they pay the L evy —
n o w or the Tax for the rest of their lives Mr . .
P e t hick L awrence elaborates this contention

in his book A Le vy on Ca pita l H e says A
, .
very high Income Ta x would hit them at

least as hard and in some ways would be
,
more obj ectionable (page and later he

argues that a L evy would enable the Income
Tax rate to be lowered from 7 s 6 d in the . .
t o 3 5 6d
. . There are two answers to thi s con
tention on e being that the figures are wrong
,
and the other that the protagoni sts o f the

C apital L evy have no intention of letting
the rate of Income Tax be lowered .
O n the fir st point I may quote Professor

S cott (E conomic J ourn a l S eptember 1918
, , ,
page 2 5 6) If the L evy is to be a straight

dea l and not a crooked on e it must take at
,
least as much as the capitalised value o f the

taxes it commutes it is likely to take more
both directly and in directly Therefore a
.
f or tior i if the country can bear the L evy it

could bear the taxation for which it is to be
substituted . O r on e may say sup p
— ose that
12 0 TH E W AR D E BT
.
property IS only one quarter of the national
income the property owner would have t o
,
give up nearly in order to lower the

’
C abinet M inister s Income Tax by a shilling
in the pound Perhaps there is not much
.
dri ving power behind the propo s al to reduce

’
the C abinet M ini ster s Income Tax ; so I
come t o the second point that a L evy
— .
would not be allowed t o reduce the rate of

Income Tax .
H ere I may quote the official resolution s

o f the S ocialist and L abour Parties At t h e .
Le 1ce st e r C on f erence of the Independen t

L abour Party the o fficial resolution ran a s
follows :
T h i s Co n fe re n ce con s i d e rs th a t th e mo s t e q u i t a b l e
me t h o d o f w i p i ng o ut the Na t i o na l D e b t a nd o f
se cur i n g a r e d i s t r i bu t i o n o f w e a l t h is t h e a d o pt i o n o f
a s y s te m o f p r o gr e s s i v e t a x a t i o n o r a p pr o p r i a t i o n by
t he c o mmu n i t y o f a ll c a pi t a l v a l u e s o w n e d by i nd i
v id ua l s t o g e t h e r w i t h t he gr a du a t e d t a x a t i o n o f a l l
,
i n c o me s a b o v e a n a gr e e d mi n i mu m The Co n fe r e n c e
.
t h e r e fo r e de cl a re s t h a t a gr a d u a te d t a x s h o u l d b e
i mpo s e d o n ca pi t a l w e a l t h c o mme n c i n g a t 5 pe r
c e nt on
. v a l u a t i o n a nd r i s i n g by p r o p o r t i o n a te
,
gr a du a t i o n t o 333, pe r c e nt o n
1
. a n d o ve r ,
t o g e t h e r w i t h a s te e p l y gr a du a t e d t a x i mpo s e d o n
a l l i n c o me s t he t a x r i s i n g t o 18 5 in the 75 in th e ca s e
, .
T HE CA P I T A L L E VY 12 1
of h uge i n c o me s so as to cur e t he u l t i ma te
se ex
t i ng ui s hing o f a ll u ne a r ne d i n cr e me nt ”
.
M r F W Jowett M P in secon ding the

. . .
, . .
,
resolution made it clear that the L evy was

,
only to apply to a small minority of capital

”
is t s : There must he s ai d be a minimum , ,
fi xed that W111 leave the working cl ass in

v e s t or free from penalisat i on H e added .
that the funds often large of Tr a de Uni ons , , ,
or of Co operative and Friendly S ocietie s

-
mus t a l so b e exempted .
The L abour Party at its Wes tminste r C on ,
ference June 2 6 2 8t h 1918 had a milder

—
m
, , ,
and ore general resolution which reads as

follows
I . Th at in vie w r mo u s d e bt s c o nt r a c te d
of t he e n o
d ur i ng the w a r a n d o f t he n e c e s s i t y t o l i g h te n
,
n a t i o na l fin a n c i a l burd e n s in o rd e r t o e n a b l e t he
co u n t r y t o c o mp e te s ucc e s s fu ll y o n t he ma r k e t s o f
t h e w o r l d s o s o o n a s p e a c e c o me s t h i s Co n fe r e n c e ,
d e ma nd s t ha t a n e q u i t a b l e s ys t e m o f c o ns cr i p tio n o f
a ccu m u l a te d w e a l t h s h o u l d be put i nto o pe r a t i o n
for t h w i t h w i t h e x e mp t i o n fo r fo r t u ne s be l ow
,
a nd a gr a du a t e d s c a le o f ra t e s fo r l a rge r to t a l s ,
b e l i e v i ng t h a t n o s ys te m o f t a x a t i o n o n l y o f i n c o me
o r pr o fit s i w il l y i e l d e no ug h t o fre e t he c o u n t ry fr o m
o pp r e s s i v e d e bt s a n d t h a t a ny a tt e mp t t o ta x fo od
, ,
12 2 T HE W A R D E BT
or t he ot he r c
ne e ss it ie s of lif
e wo ul d be u nju s t a nd
ru i n o u s t o t he ma sse s of t he pe opl e .
“
2 . Th at t he on ly so luti
d i fficu l t i e s t h a t
on of t he
h a v e a r i s e n is a s ys t e m by w h i c h t he n e c e s s a ry
n a t i o n a l i n c o me s h a ll be d e r i v e d ma i n l y f r o m d i r e c t
t a x a t i o n a l i k e o f l a n d a n d a cc u mu l a t e d w e a l t h a n d ,
of i n c o me a nd pr o fit s t o ge t h e r w i t h s u i t a b l e i mp o s t s
,
U po n l u x ur i e s a n d t h a t t he d e a t h d u t i e s a n d t h e
,
t a x a t i o n u po n u ne a r n e d i n c o me s s h o u l d be s ub
s t a n t ia l l
y i n cr e a s e d a n d e q u i t a b l y r e gr a d e d .
The L abour Party is a larger and more

composite body than the LL B and l ikes a ,
certain vagueness about its resolutions but

t h e second part points clearly enough t o the
continuance o f a high Income Tax There is .
no suggestion that the L evy should be used

to lower the rate o f Ta x beyond t he assertion
that Income Ta x and E xcess Profits Duty
combined are insufficient to pay o ff the Wa r
D ebts In fact the demand for a repeal of
.
,
the food ta xe s points to higher rate of direct

ta x ation .
It may escape notice on a first reading but ,
a second perusal will show that the L abour

Party proposes to ta x the same things three
times Property or accumulated we al th
.
,
or unearned income is to su ffer : (1) a

C apital L evy (2 ) e xtra direct ta x ation and (3 )
, ,
CHAPT ER X II
TH E ALTE RN ATI VE
O dismi ss the C ap i tal L evy as im
pract i cable and unj ust is not su fficient
unless one can also put forward an
alternat ive scheme which will set our nat i onal
financ e s on a sound basis after the war .
In the earli er part of thi s book I d i scussed

the ri se in prices and showed that it was an
,
inev itable result of the increased money

income in the hands of the public This .
increased i nc ome was itself caused by the

’
G overnment s distribution of hundreds o f
milli ons whi c h it had borrowed or h a d
created b y inflati on We saw accordi ngly
, ,
that peo ple mi ght have much more money

than they ha d a year earli er and yet be no
better off There was it is true a more equa l
.
, ,
distribution of income be c ause the borrowed

,
money was spent mainly in wages but the ,
country as a whole was no richer Is it not

.
c onceiva ble that th ere may be a co nverse of

12 4
T HE A L T E R N A T I V E
this pr oposition i e that the country a s a
, . .
wh ole may have less money income and yet

be no poorer P
U nder a fin ancial system such as prev ai led
in most countries e x cept our ow n before the
, ,
war ; i e one whi ch depends for national

. .
revenue mainly upon indirect taxation (tea ,
sugar wheat beer or tobacco d uties) an

, , , ,
increase in taxation means an increase in the

disparity between rich and poor because ,
’
such taxation checks the poor man s con
sumption and has little effect on the rich
man But an Income Tax if graduated as
.
,
the British Income Tax 18 graduated means ,
a lessened disparity between rich and poor ,
because the rich man pays heavily and the

poor man pays at a much lower rate or ,
perhaps not hing at a ll L et us imagine four .
classes each having the same gross income

, ,
and then see the effect of a graduated Income

Tax on their share of the net income
N mb I m f h T ati
u e r. nco e o eac . ax on .
10 0 0
10 0 0 0 0
Ttl o a
12 6 T H E W AR D E BT
The result of the taxation is that class (a ) '
the poorest gets one third of the net income

— -
which amounts to the same thi ng as if there

had been no taxation and class (a) had
received an extra S omething of this
kind has actuall y happened during the war ,
only the wage earners have received their

-
extra while the wealthier classes have

been paying their in Income and
S uper Tax .
The alternative to a C ap i tal L evy is a

Reformed Income Tax If my theory that
.
pri ces are merely a relation between money

and commodities is a sound one there should ,
be no difficulty about raising any required

amount of rev enue by an Income Tax This .
theory maintains that as the Income Tax

rises provided i t is paid by all citi z ens above
,
the poverty line prices fall With a perfectly

,
.
adj usted system the Income Tax would be

indefinitely elastic and could raise a ny sum
,
whi ch might be necessary F ortunately our

.
,
requirements are not infinite and do not call ,
for an e x cessive share of the national income .
L et us first construct a post war Budget -

12 8 T H E W A R D E BT
”
19 18—19 . 19 19 2 0. -
M i s c e lla n e ou s 2 5 1 mi ll i on s . 2 5 mi ll i ons .
S ta mp s 9 2
9
Esta t e D ut i e s 3 2
P r o fi t s o f P os t
O ffic e
59 °
There is thus a gap of £ 160 millions which , ,
apparently must be filled almost entirely by

,
an increased rise from Income Tax A .
certain amount of addi tional revenue may be

obtained from s ome of the smaller taxes ,
’
thus the absurd tobacconist s license o f 5 s 3 d . .
a ye ar should be graduated according to the

rateable value of the premises e g 1os 6 d , . . . .
for premi s es over £2 5 a year £ 1 I S over £5 0 , .

,
a n d another £ 1 I s for each £5 0 of rateable .
value up say t o a maximum of £ 2 1 for

, ,
premises of and over Dog licenses .
should be raised to 105 6 d M otor vehi cles . .
o f a ll kinds should be taxed according to a
combination of weight and horse power : at -
present a lorry weighing over five tons pays

15 s
.
,
or £3 3 s less than one of 4 tons The
.
license duty on menservants might be gradu

ated e g £ 1 I S for the first £2 2 s for the
, . . .
, .
s econd and £ 3 3 s for each additional servant

, . .
T HE A L T E R N A T I VE 12 9
My proposal for a tax o n cinemas (Contem

p y
o r a r R e v ie w D,
ecember 19 4)
1 was carried
,
into effect by M r McK e nn a in his 1916 Budget

.
,
but t here is much to be said for an additional

license fee both on cinemas and on music h al ls
o r variety theatres The petrol duty should
.
be m aintained at a high figure since motor ,
vehicles wear o ut our roads impose a heavy ,
burden on the ratepayer and drive him and ,
’
hi s children off the s o call ed K ing s Highway
-
.
When the numerable restrictions on sales and

consumption and importation and exporta
tion are removed after the war Customs and ,
Excise should show some elasticity ; but

for any substantial addition t o the national
revenue ,
as the British Association C om
mit t e e said in its 1916 report we should ,
rely upon the Income Ta x .
An Income Tax if skilfully adj usted to the

,
’
individual s ability to pay is the fairest and ,
most productive of taxes It may be argued .

,
indeed that all other taxes are futile except

, ,
possibly those on a few articles in universal

use which cannot be called necessaries such ,
as tobacco o r on things of which the con

,
sumption must in any case be regulated such ,
as intoxicants and motor spirit Every on e .
9
.
has noticed how rises l n the cost of living
have been followed by successful demands for
war bonuses or higher wages so that if the
C hancell or of the E xchequer had tried to
finance the war by taxes on commodities he
would only have caused a further rise in wages
and a further fall in the purchasing power of
money .
It ought to be clear to every one that a man

is not performing his duties as a citi z en unless
he pays hi s share of the national taxes As .
M r Withers writes in Our M on ey a n d the

. ,
S ta te (page 6 ) The citi z en should under

stand about taxation recognise it as good
,
when it is good and pay it cheerfully when it

,
is equitable and well distributed-

A more .
famous author has said God loveth a

,
”1
cheerful gi ver it may even be argued that
the command Render unto C aesar asserts
the duty of paying direct taxation As it is .
there are n ow some twenty mi lli ons of electors ,
a n d perhaps three millions of Income Tax
Payers so the ol d principle of N o taxation

without representation has been strangely
turned round into representation without
”
taxation ,
or power without responsibility .
1C r i nth i n 1x 7
2 o a s . .
13 2 TH E W A R D E BT
sol dier at 4os 6 d a week Thi s i ncludes
. . .
married men and thei r fa m1l ie s so we may

‘
take the figure for an unmarri ed soldier at

something between £5 0 and £70 a year 1
Another cri terion is the statuary minimum

wage recently fixed by Parliament for agri
cultural labourers which is only 2 5 5 a week
, . .
S ince t his is obviously intended as the wage

of married men it gives us a lower fi g ure than
,
’
the soldiers pay and all owances in fact it
appears so low that the rates fi x ed for parti
cul a r counties a r e considerably hi gher and ,
may average 3 os t o 3 5 5 These two criteria

. .
seem to suggest that single men (or women)

should begin to pay Income Tax when their
income exceeds £6 0 a year and married men ,
wi th famili es when their income exceeds £ 12 0

a year .
U nder the e xi sting scale (as fixed by M r .
McK e nna in 1915 ) no income is liable to tax

unti l it p asses the £ 130 poin t and then there ,
are allowances in respect of children wife , ,
and dependents at the rate of the tax on

,
£ 5
2 in respect o f each S o the normal
.
citi z en who may be taken as a married man

,
with three children gets first an abatement of

,
and then an llowance of the tax on

£ 12 0 , a
T HE A L T E R N A T I V E 13 3
£25 in respect of hi s wife and each of his
three children if under sixteen S o he does

not become a taxpayer until his income passes
the £ 2 2 0 point or more than double the
,
average pay and allowances of the private

soldier whose j ob he may have taken It has
,
.
always seemed to me extraordinary during

such a war when we have compelled most
, ,
but not all of our able bodied men t o fight

,
-
that every one who is for any reason exempt

from military servi ce does not exclaim :
Here I want t o do my bit put me down
,
on the Income Tax Roll .
’
Personally I share M r Harold C ox s View
,
.
that a l l income ought to pay some rate o f tax

during war but no doubt t hi s is a counsel
o f p erfection which will be impossible until
,
the country has had more education in the

duties of citi z enship O n no intelli gible basis
.
,
however can it be contended that the man or

m
,
wo an who has over £75 a year and no on e ,
else to support ought not t o pay Income Tax

, .
L et us then take £75 a year as the starting

point The real difficulty is to construct a
.
graduated scale that will not destroy that

most cherished device o f S omerset House
collection at the source —which demands a
13 4 T HE W AR D E BT
standard rate and not one which rises with
,
every hundred pounds or so of income At .
the same time it seems absurd to deduct 6 5

, .
in the pound from all payments o f what is

call ed unearned income / 3 though it might
j ust as well be called income from savings ”
,
when most persons are only li able to pay

3 s
. o r 3 9
5. d and have
. to claim repayment .
Is it poss i ble t o preserve collection at the

source and even to extend it while making
, ,
the tax eas i er t o assess and collect and fairer ,
as between one taxpayer and another ? M y

plan which is described in The Accounta n t of .
June 8t h 1918 ai ms at fulfilling these three

, ,
conditi ons It divides Income Tax Payers

.
—
into two great parties those with less and
those with more than £5 00 a year A sub .
division of the second class may be made of

those below and those abo v e a year .
H aving laid down these t w o rules I suggest ,
the following p l an
()
1 Tax the first £5 00 o f all incomes at the
uniform rate of 4s in the pound . .
()
2 Ta x the next £5 00 of all incomes at the
uniform rate of 65 in the pound . .
(3 ) A pply the super ta x (in form but not ,
in name ) to all incomes above

from so many sources and has reduced the
real value or purchasing power of all un
earned income suggests that salaries espec
, ,
ia l l y those whi ch are fo l lowed by pensions on

retirement are really less precarious than the
,
income which is taxed at a hi gher rate From .
’
the economist s point of view the source of
‘
,
’
the taxpayer s i ncome 15 of less importance
than the claims upon it ; there can be no
j ustification o f a system under which a
bachelor earning £900 a year pays £ 13 5 while ,
a widow with the same i ncome and three

young chil dren pays £ 168 but for
purposes o f illustration I have suggested an
earned rate one fift h lower than the un
-
earned rate The fo ll owing table shows the

.
all owance whi ch would be paid by M a .

,
married man wi th three children and by B ,

.
,
a bachelor without dependence

ncoI me M dpya r ri e a s
A
Ni l
N il
2 0
5 0
85
18 5
4 6 0
THE AL T E R N A T I V E 13 7
This table gives the unearned rate if the

earned rates be required it can be obtained
by deducting on e fift h from the above figures -
.
U nder the Budget scale for 1918 19 M—

, .
and B would pay as follows

.
Ma rn e d pa y s . Ba c hl e or p ysa .
I n co me . E a r ne d
”
. U ne a r ne d .
'
E a rn e d
. U n e a r ne d .
3. d. s. a .
,{I s
. d .
it s . d .
Nil Ni l 3 7 6 4 10 0
Nil Ni l 9 o o 12 o o
9 o o 12 o o 20 5 o 2 7 o o
28 o o 37 10 o 39 7 6 5 2 10 o
60 o o 75 o o 75 o o 93 15 0
15 0 o o 187 10 o 150 o o 187 10 0
4 50 o o 5 2 5 o o 4 50 o o 5 2 5 o 0
10 0 10 0 10 0 10 0
10 0 10 0 10 0 10 o
The chief pract i cal difficulty occurs over

the smaller incomes and this is my reason for ,
suggesting the broad distinction between over

and under £5 00 a year All sal aries wages .
, ,
or other periodical payments should be paid
less tax at the rate o f 45 in the pound and .

,
where the salary or wages is the main or only

’
source of the taxpayer s income an allowance
at the rate o f £5 7 a year should be made .
O ther allowances may either be made at the

time o f payment or obtained quarterly from
the local S urveyor of Taxes .
Dividends interest and similar , ,

'
earned payments should b e paid less the
tax payable on incomes between £ 5 00 and
a year Thereby a great deal of the
.
reclaiming involved in the present system will

be avoided ; and this rate (65 in my scale) .
w ill be that payable by all companies and

other corporations .
Incomes above may be treated as if

they were subj ect to super tax i e each ,
. .
person will be separately assessed and will

pay such rate beyond 6 s in the pound as the .
total amount of his income may determine .
A scale is easily constructed

I ncome I ncome Ta x pa y a bl e .
to £ 2 0 00 6s 6d
. . o n se c o nd
7 5 . o n t h i rd
75 . 6d . on four th
An extra 3 d for ea c h . a dd i ti on a l
An e xtr a 3d for e a c h a ddl tl on al

.
An e xtr a 3 d for e a ch a dd1t 1ona l

.
Ab v o e M axi m ra te of 12 5 . 6d . in
t he
The advantages of a scale such as that ,
described above are (1) that it gets rid of a ll

“
the j umps in the present tax and that ,
TH E W AR D E BT
the rate o f tax should be hig h é r and the pro
portion of allowances smaller .
I have worked out a rough calculation of

the revenue which thi s scale should bring in
after the war and find that the total is
, ,
between £45 0 000 ooo and £5 oo ooo ooo a

, , , ,
year.
CHAPTER X III
A PE ACE B UD GE T
ET
us now see how our Peace Budget
works out with an Income and S uper
Tax yielding £47 5 millions F or some .
months to come possibly for a year or t w o

, ,
the Excess Profits Duty will continue to

furni sh revenue after it has ceased to apply to
profits which are actually earned O n the .
other hand the interest on our advances to the

Allies and D omin i ons cannot be expected to
reach its normal total for several years .
Perhaps we may set the yield from the e xpir

ing Duty against the unpaid interest from our
Allies .
I c
n o me a nd S upe r T ax
E xce ss P rofi ts a n d I r
n t e e ston
Lo a n s t o A llie s a n d D o mi n i o n s
C u st oms
E x c i se
u
Es ta t e D t i e s
O t h e r R e ve n u e
A dd i ti on s t o t h e
‘
M o t or a nd o th e r
Li cence D u ti e s
14 2 T H E W AR D E BT
This total gives a margin of £60 millions over
the estimated expen di ture of £7 5 0 millions ,
which appears ample and it may prove that ,
the yield of the reformed Income Tax has

been under estimated -
I t is difficult to .
reckon what revenue any given change in the

Income Tax would produce because there are ,
no statistics of the incomes between any

points except for the S uper Tax class i e ,
. .
the incomes above a year Elsewhere .
(C om m o n S en s e A pril 13 th ,
I have ,
tried to calculate what proportion of the

national income falls to the various classes
by taking the allowances on incomes between
£ 3
1 0 and £7 00 a year But the results thus .
obtained were so absurd that it seemed better

to take some assumed figure for the total
income and to divide it among various classes
by guess work Perhaps one may divide it
-
.
thus putting the total income at

,
millions :
I m nco e.N mb A I m T l u e rs . v e ra g e nco e. o t a s.
A
U n de r £ 7 5 p a . 6 . 0
£ 75 to £ 2 00 13 0 1, 3 o o , o o o , o o o
£ 2 00 to £ 5 00 3 5 0
£ 5 00 to 7 0 0
to
Ab v o e
T tl o a s 1
14 4 TH E W A R D E BT
‘
H ow much these six classes isoul d or would

pay in I n come Tax must also be a matter for
conj ecture but if we reckon on nothing
from C lass 1 an average of e ight e e npe n ce in
,
the pound from C l ass ii and a rate rising t o ,
eight shillings and sixpence for the sixth class ,
we get the following result

V i rt ua lR a te
I ncome . of Ta x . Y i lde .
i £ 3o o o oo ooo
.
, , Ni l Nil
ii 1 3 o o o o o o o o
.
, , ,
I S. 6d .
£ 9 7, 5 o o ,o o o
iii .
3 5 .
iv .
45 . 6d .
v . 6 8 6d
. .
v i. 88 6 d
. .
O r one might divide the national income

into four quarters of £800 millions each ,
thus
Yi ld e
i F r e e of Ta x . N il
ii Ta x 2 5. in 6
7
4 S . 1
63 .
y i e lds
Put in this way the taxation appears ex

t r e me l y light If the national income exceeds
.
A P E A C E B U D GE T 14 5
million a year there ought to be no

difficulty in getting about £5 00 millions in
Income Tax which is after all only on e sixth
, , ,
-
of the total S urely one sixth of a man s

’
-
.
income is a small thing to pay for having

come through the Great Wa r on the winning
side
I ND I RE C T TA X A TI ON
The real aim of the reform scheme j ust
described is to put our national revenue
system on a sound basis N o system of
.
taxation can be sound o r in the long run

,
productive unless it is based upon the

,
principle of ability to pay The fault of .

1
our existing system is that this canon receives

’
too little recognition If a man s income lies
.
anywhere between £ 13 0 and £400 a year he is

taxed pretty nearly according to his ability .
Below £ 13 0 a year he is taxed according to

the si z e of his family Above £7 00 a year he
.
is taxed without any consideration for the

claims upon his income .
S ince my scheme proposes to extend the

Income Tax to incomes at present exempt ,
it is only fair that some adj ustment should be

made This may be done most easily by
sweeping away the S ugar Dii t y entirely and ,
lowering the Tea C offee and Beer Duties to

, ,
their 1915 level . If it is found that our

Peace Budget produces a substantial surplus
this surplus should go first to lowering the
"
Tobacco Duty and then to s weep ing away

entirely all the small taxes N aturally that .
disastrous experi ment in making things

cheaper by taxing them i e the L and V alues
, . .
Duties of the 1909 10 Budget should be

—
,
allowed to pass into a merciful obli vion .
U nder such a scheme of taxation people

who are really poor will pay nothing worth
menti oning j ust a f e w p e n ce on their pound
,
of tea to remind them that citi z enship has its

duti es as well as its rights and somet hi ng on
,
their beer and their tobacco if they can afford

these humble luxuries But every one above
.
the poverty line should pay a direct ta x ;

nothing but a direct tax assessed according
’
t o the individual s income after allowances
,
for the claims upon it , can harmonise the

precepts of equity with the demands of the
C hancellor of the E xchequer .
IN DE X
A ccoun ta n t, The , 134 E con omic jour n a l , The, 7 6 ,

100 , 118
’
B a nker s M ag a z in e , 9 3
B ch
ea , S
ir M H i ck s , 60 . F rm r 1 4
a e s, 0
B ll Si r H ug h 43
e , ,
1 F r r D D ru mmon d
a se , .
, 49
B i ll T r u r y 4 9
s, eas
G rdi r A G 74 88
,
B r w i ng 5 a 1 8
or o 2 se 0 12 4 a ne
G rg D L l y d 9 I I
. .
, , , , , ,
B r dbur y Si r J h n 1
a , o ,
00 (
n ote ) , eo e, . o , ,
1 19 (
note )
B u dg et (19 14 8 I n de x N u mb e r s 8 82
Fi r t W 9
s a r, I nfla t i o n I 5 18
, ,
, 48
S c n d W 11
e o a r,
,
In ch c a pe L o r d
,
100 (
note )
T hi rd W
, ,
3 a r, 0 I nc ome T a x 9 4 2 , 53
6 13 ,
1
F u r th W 3 4
o a r,
7 2 , 83,
, , ,
10 4, 111, 118, 12 6
,
Fi fth W 37 a r,
Si x th W 4 a r, 2 I n c o me T a x, A R e fo rm d 12 6
A P c 14 1 a
e ,
ea e, se s ea
C a p i t l ?W h t i
a a s, 89 s ea , 100
Ja c k s o n F H u th 98
C p i t l L vy A
.
, ,
a a e , ,
68 se a , 88,
Jo w e tt ,
F W ,
12.1 .
100 , 11 5 s e a 147
P rt y
,
C ll i n C l on
o s, o el G .
, 39 L a b ou r a Th e , 12 1 s e a
Common S e n se ,
,
14 2 The In de pe n
C mp u l s o r y S e r v i c e Act ,
o 7 0
de n t, 12 0
Con te mpor a ry R ev ie w ,
The , V lu
L a n d a e D t e s , 146 ui
La w , R Bo n a r , 3 7 s e a , 42
r l
.
Co x, H a o d, 13 1, 13 3 6
se
a, 5 ,0 0 11 5
Cu li
n ffe , L o d , 100 r ,
c F
L a w r e n e , W P e th ick , 7 7,
pr ci
. .
Curr e npy , A d e e a t e d, 89, 98
D i ff e r e nt i a t i o n ,
13 5 M c Ke nn a R , .
,
14 , 3 0 s e a , 3 4,
D a ily N e w s , Th e , 7 4, 82 , 88 46 , 12 9
D og T a x, T h e , 3 8, 12 8 M a n ch e s te r Gua r d ia n , The ,
12 3
E con omis t, The , 39, 48, 82 Mo t o r V h i cl e
e Ta x tia o n, 12 8
15 0 T HE W A R D E BT
N a tion , Th 7 5 8
e, S mu l H t 23 a e er er 1 1
S c tt P r f
, , ,
N a ti on a l D bt 45 65
e , ,R 7 5 8 o , o . .
, 2 ,
2 , 11
N a t i o na lI c m 6 3
n o S t mp D J C
e, 1 7,
10 ,
110 , a , r. . .
,
100 , 11
1131 11 7 1 4 43
12 S t c k E x h g T h 47 9
7
1 o c an e, e, ,
2
N a ti on a l S rv i c 4 6 9
e S u p r T T h 4 4 73 7 8
e, ,
e a x: e, 1 , 1
N o te s ,
C u rr c y en 4 6 ,
100 , 110, 11 11
P lgr
a a v Si r R H I g l i
e, T x t i n I n di r c t
. 5 45 . n s, a a o ,
e , 12 ,
1
99
P kh u r t M
an s r s ., 2 1 V a s sa r S mi th Si r R 114
P p r M y 88 98
.
, , ,
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d E . us tra t e .
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Cr . 800 .
7s 6d ne t . . .
Cl ut t on B r ock (A T H O U G HT S O N E ge rton ( . E H A S H O R T H IS
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n th E di t ion F cafi 80 0.
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M O R E TH O UG HT S O N TH E WAR .
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ff ou k e s (Ch a r es
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F ca p 80 0. 5s. ne t .
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. . . .
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C
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. .
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T E R AN E X P AN D AP P R E C IA AN F ea t . 8210 . 6s . net. I nd i a P at er , 7 s . 6¢
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. Cr 8710 6s n e t . . . . .
ne t .
A l s o I l l u s t r a te d Cr
. .
4 t0 . 15s . net .
L ock (W a lt e r). ST P AU L T HE TH E F R I N D LY O W N A L ITT LE

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Cr . 8710 . 63 . n ot t a ck v ol u me
With I ll ustra tions by E H . . NE W, a nd o t h er Artis ts
B R I S TO L Alf d H y
. re a rv e . E D IN B U RG H M G Wi ll i m . . . a son.
CA N T ER B U RY JCC . . . ox . LIN CO LN E M ] S y mp . . a ns e s on.
C H S T ER
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G e ne ra l E dit o r, J . C H AR L E S COX
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I v ol ume
With N um e rous I ll us tra tio ns
A C I E N T PA IN TE D G LASS IN EN G LA ND
N EN GL I SH COS T U M E F m P hi i ro re s t or c
P ili p N l E igh h C
. .
h e so n . hto E d t f h
e n o t e te e nt c
G g Cli h
A RCH OLOGY AN D F A LSE A N T I QU I T I ES
e or e nc .
R M.
E
unr o .
.
ENGL I S H MO N AS T I C LI FE C di l G . ar na
B ELLS E N GLA N D
or T C J J H E. a non
ENGL I S H S EALS J H y B l m
R , . .
a v e n.S d d i e con E it on . . . a rv e oo .
B R ASSES OF E N GLA N D T H b W F O LK LO AS A N HIS TO R I CAL S

RI" C
G L G mm
-
H E. er ert
M k li /i d di i
.
,
S Ir . . o e.
ac n. T z r E t on .
EN GLAN D A N D CO M P A NI ES O F L N DO N
G g U
G I LD s O
CA S T LES AN D WALLED T O W N S
,
or n w xn .
T H E. AH . a rv e y .
, e or e
H ER M I T S AN D A N CHOR I T E E S or NG
C EL T I C A IN PA GA N A N D CHR IS T I A N
RT T R h M Cl
HE. ot a a ry ay.
TI M ES J R mi l l Al l S d di i
. . o y e n. e con E t on .
M AN O R A N D MA N OR IAL R EC O RDS
A CC O U N T S J C C N h i lJ H ,
W
’ at an e S d d i on e . e con E it on .
C
.
H U RC H AR D B N S . . . ox.
D O M ESD A Y I N UES T T Ad l ph B ll d MED I VAL H E ENGLAN D oe T ALs or

R h M y Cl
,
Q , H E. o us a ar .
ot a ar ay.
EN GLI SH C HU RC H F UR NI T UR J C C E. ox O EN GLI S H I N S T R U M E T
LD L N S or
d A H F W G lpi
. .
an . d di
ar v e y . S econ E tion . . S
. d adi i n. a n E t on .
Cl as sics of Ar t w
oont inue d
G H I RL AN DA I O G l d 5 D i S d . e ra . a v es . econ R U B E S Edy d Dil l 3 t

N . ar on. 0s . ne .
E di i t 1 ss . n e t .
on .
L AWRE N CE S i W l A m g s t r a ter r s tr on a s . ne
TIN T O E TTO E ly M h Phill i pp
R . ve n a rc s.
. . .
t
ne .
M I CHELAN GE LO G ld S D i
ne t .
5 . e ra . a v e s. 1 s.
TI T I A N Ch l R i k . é t a r es c e tt s . r s . ne .
RA P H A EL A P Oppé 5 t . . . . 1 s. ne .
T UR N ER S S A N D D RAW INGS
’
N ET CH ES .
R ETM B R AN D T S E TC H IN GS A M H i d
’
n
wo Vlm 5 t o u es . 2 1 . ne .
. . . .
VELAZ U EZ A Q . . de B e rue te . 15s . ne t.
Th e Co mp l e t e ’
S e ri e s
F u l ly Ill u str a t ed . Demy 89 9
CO MPhLE T E A M A T E U R BOX ER T
B L h
J G H E. COMP LE T E L AW T E N N I S P LAY R T N E
A W l li M
. .
, ,
o un 6dy nc . I os . . ne t . Fa k E di i
s y e rs ou r t t on . 12 3 .
CO MP LE T E ASS O C I A T I O N F OOT B ALLER T

. .
d C E H gh
HE. ne t .
B S E D i ,
v er s an u es av e s.
COMP LE T E MO TO R I ST T Fil Y
-
. .
HE .
.
s on o
105 . ne t .
d
an W G A R i d di s t on.
,
ev se E t
COMP LET E AT H L E T I C T RA IN ER T S A
. .
HE. 105 d 6 ne t .
M bi i
. . . .
,
CO MP LE T E M O U N T A IN EE G
uss a 6d n 103 . ne t .
T
. .
H E.
CO MP LE T E B I LL I ARD P LAYER T Ch l
R,
Ab h m S d d i i
.
H E. ar es E t 16s . ne t.
Rb 6d ne t .
, ra
CO MP LE E O ARS M A N T
a .
R C L hm
e con on .
L i l i Whi l i g
o e rts. 12 s . .
CO MP LE T E COO K T
T ,
HE. . . e
,
HE. an t n .
6d ne t .
CO MP LE T E P H O TOGRA P H ER T R C
10 s. .
CO M P LE T E CR I C K E T ER Al b E HE .
T
l y F ifi / d i i R i d
.
,
H E. e rt
KNIGH T S d di i , .
B ay e c E t on , ev s e 12 :
6d
. .
. e con E t on . 10 s . . ne t .
F OT B ALLE O N T HE
ne t .
COMP LE T E F O X HU N T ER T Ch l Ri h , HE. a r es c
COMP LE T E R U G Ev O R,
Z E A LA N D S YS T E M T D G ll h
d
ar S
s on . d E di i 6 e con t on. 1 s . ne t .
H E.
H y V d
a a
CO MP LE T E GOLFER T
er
W J S d S
.
,
, HE. a rr ar on . d E di i t ea 6d . e con t on. 12 s . .
CO MP LE T E S H O T T G T T d
. .
HE. ea s
COMP LE T E H OC K EY P L A YER T E
. .
,
-
H E. us ta ce B k lL Thi d d i
uc 6 r E it on. 1 s . ne t .
E Wh i S d E d i i , e
. te . 6d e con t on. 10s . . ne t .
CO MP LE T E S W I M M ER T F S h H E. a c s.
COM P LE T E H ORSE M A N W S
, .
T h H E. ca r t
Di
.
COMP LE T E Y AC H T S M A N T B H k
,
S
x on . d E di i econ6d t on . 12 s . . ne t . H E. ec s
l S d di
.
CO MP LE T E J J W H G
,
T U IT S U A N, d H E. . . a rro . S mi h d E d t B an . a ou a y . econ E t
10 s . 6d . ne t . R ev is e d . ne t .
The Conno i ss e ur s Lib rary

’
Witfi n umer ous I l l ustr a tion s . Wide Roy a l 8270 . 2 5 s. net eacfi v ol u me
EN GL I S H COLOURED BOO K S M i H di . a rt n ar e. I LL U M IN ATED M N U SC I PT J A H A R S. . . e rt
EN GLI S H F UR NI T U RE F S R b i . . . o ns on.
S d
e con d i
I VO R I E Alf d M k ll S.
E it
re
on .
as e .
E TCH IN GS S i F W dm S d E d iti
. r . e ore . e con on.
J EWELLERY H Cliff d S mi h S . . or t . ec
di i
E t
E URO P EA N EN A M E LS H y H C y g . e nr . un n
M Cy i l D
EzZ O T IN Ts.
on .
p r aven ort.
b ma e.
F I N E B OO K S A W P ll d ar
M INIA T URES D dl y H h . u e ea t .
G LASS E d d Di ll
.
war
. .
on.
o .
P O RCELA IN Ed d D il l . w ar on.
.
G OLDS M I T HS AN D SI LVERS M I TH S WO R K
’ ' S EALS W l d G B i h . a te r e ra y rc .
N l D W OOD S CULP T URE Al d M k l l

.
e so n S d Ed a w s on . e con i t i on . . fr e as e .
GE NER AL L I TE R AT U R E
Han d boo ks of Engl i sh Ch urch H i story
E dit d by J H B UR N C w 8 e 5 t . /
i l m . . ro n 710. s . ne ea t vo u e
F O U N DA T I O N S O F T H E E N GLI SH CHURCH T R EFOR M A T I O N P ER I OD T H H E. HE. e nry Ge e

J H M d
.
, ,
au
. . e .
S A X O N CHURCH AN D T HE N OR M A N CO N QU EST S T RUGGLE W I T H P I T ANI S M T UR H E. B ruce

Bl l d
,
,
a x an .
THE. C T C . ll . ru t t w e .
MED I V A L CHURC H A N D T H E PA P ACY T

E CHURCH OF EN GLA N D I N T HE E H E. IG H T E E N T II
ACJ g C E N T U RY T Al f d Pl mm ,
. . e n ni n s. , H E. re u e r.
“
Han db oo ks of T he ology
D OC T R IN E OF T H E I N C A R N A T I O N T R L H E. I N TRODUC T I O N T H E HI S T ORY OF To THE

O l y F if l E dit i C REEDS A E B
. .
,
tt e . t
5 zt on . 1 s . ne . A ,
N. . . ur n . 1 zs . 6d .
ne t .
HI S TO RY OF E ARLY CHR I ST IAN D OC T R IN E A P ILOSO P H

H R E LI G I O N IN E NGLA N D
Y OP AN D
J F B h Bk AM ER I CA T Al f d C l d
.
,
. . et 5 une”t °
a e ro 1 5. f .
, d
H E. re a e co t t . re s. 6 .
ne t .
I N T RODUCT I ON T HE HI STORY OF R EL IG I O N
To XXX I X A R T I CLES T HE CHURCH ENG OP OP
F B J L AN D E di d b E C S Gib
,
AN. . S . t} E d ti
e v o ns . 6d e v en : i on . 1z s . . THE
, . te y . . . so n .
N in t }; E d it ion . 1ss . ne t .
He al th S e r ies
Fm} . 2 s. 6d . n et
BAB Y T A h S d H E. rt ur a un e rs. H ow LIV E LO N G J W l C i

To te r
A RE T HE B ODY T F C gh ar
, . . a .
C on
A RE O F T HE T EE T H T A T P i , H E. . a v a na .
P RE V E N T I
Q OF T H E COMMO N C
N O LD T H E.
0 K W ll m
,
C , HE. . . t ts. .
s o n.
EYES OU R CH I LDRE N T
OP N Bi h p HE. s o
. . i
S TAY I N G T HE P LAGUE N B i h p H m
ia
H m
.
, . . s o ar a n.
ar a n.
H E A L T H FOR T HE M I DDLE AGED S ym T HROA T A N D EA R T ROU B LES M l d ac eo

Y l Tb i d E di i , .
e o ur
l T1i d E d i i
-
t
.
e a rs e y . r on .
T a y or .
H E A LT H OF A W O M AN T R M
: r
y
t on .
H E. ur r a
T U B ERCUL O S I S Cl i R i i . ve v e re .
L li H E A L T H OF T CH I LD T S d E d i
.
,
es e. HE HE. e con
0 H l
‘
H EAL T H OF T HE SKIN T G g P , HE. e or e e r ne t. i t on . . i ton. a s . n ot .

,
T he Ho me ‘
Li fe ’
S e ri es
7s 6d . . n et to 1z s. 6d . n et
H O M E LI FE IN AM ER I C A K h i G . at e r ne . H O M E L I FE IN ITALY Li D ff G d . na u or on .
H O M E LI FE IN CH I N A I T y l H dl d . . a or ea an .
HOM E L I FE I N N O RWAY H K D il . . . a n e s.
H O M E L I FE I N F R AN CE M i B h m
.
ss e t a S d E di i
e con t on .
E d d S i /E d i i
.
war s. x t z t on .
H OM E LI P E IN R USS I A A S R pp p a o ort.
H OM E LI FE I N G ER M AN Y M A S idg i k
. . .
Th i d E d i r i t on .
. rs . . w c .
H O M E L I FE IN S P A I N S L B . . . e n s us a n.
S d E di i t
H O M E L I FE I N H OLLA N D D S M l d m . . . e ru .
B AL A
e con
H O M E L I FE L y M J G
H H
on .
. uc . . a r ne t t .
16 ME T H U EN AN D CO M PAN Y L I M I TED
Le ad er s of Re l g i i on
H EE CH I N G Wzii
'
Edite d by . c . B . P or tr a it:
Crow n 8710 .
3 5. ne t ea clz v ol u me
C A RD IN AL NEW M A N R H H . . . u t t o n. J OH N KE B LE W l L k S th E di. a t er oc . ev e n t
J OH N W m J H O ES L
'
. , . v e rt on. T HO M AS CH AL M ERS M O li ph S . rs . a n t. ec
B I SH O P W I L B ERFORCE G W D i ll . . . an e .
LAN CELOT A N D REW S R L O l y S E tt e ec
CARD INA L MA NNIN G A W H
. . . .
S . . . utt on. e con d E d it i on .
A U GUS T IN E CAN T ER B U RY E L C
or ut
H ARLES SI M E O N H C G M l
. . .
C ' ‘ “ ’ ou e .
WI LL IA M LA U D W H H F ut t on. ox
JO H N K N OX F M C
. . .
S d E d iti
J O H N D O NN E A g
. . ac unn . e con on .
J O H N H OWE R F H . . . or to n. 1 ? ' u us t us 3 55 0
T HO M A S K F A Cl k EN ar e.
T HO M AS CRA N M ER A J M . . . a s o n.
G EO RGE F T H E QUA K ER T H d gk
o x, o i n.
LA T I M ER R M d A J C l l
. . . an . . ar y e.
B I SH O P B U TL E W A S p
. .
Th ir d E d it ion . R. . . ooner .
Th e Lib rary of Dev oti on

With I ntrod uctions a nd (w h e re n e ce ssa r y ) N o te s
S ma l l P ott 8710, cl ot z, / n et ; a l so so me v ol u mes in le a the r ,

6d . 5
n e t ea t / v ol u me
C O N FESS I O N S S A U G U S T IN E T
OP T. HE. S P I R I T U AL COM B A T T H E.
D EV O T I O N S O F S AN SEL M T
, ,
T. H E.
I M I TA T I O N O F CHR I S T T E i h } E d i i , H E. g t ; t on .
B I SHO P WI LS O N S S ACRA P R IVA T A ’
,
CH R I S T I A N Y EA
.
F ifi / d i i
T R, H E. z E t on.
G RACE A B U N D ING T HE C O To H IE F
LYRA I Ti i d E d i i
NN OCE N T IU M. t r t on. N ERS
T E MP LE T S d E di i
, H E. econ t on . LYR A S ACR A A B k f S d V . oo o a cre
B OO OF D E VOT I O N S A S d E di i
S e con d E di i t on .
K , . e con t on .
D AY B OO P R O M T H E S A I N T S A N D F A TH
K
S ER I OUS CA LL TO A D E VOU T A N D H O LY A .
LI FE A F f k E d i
, .
i t it on .
LI TT LE B O H E A VE N LY WI S DO M A
O K OP
G U I D E TO E TERNI TY A , . S l i f m h E g li h M y i
e ec t on ro t e n s s t cs.
,
I NN ER W T Thi d E d i i
AY, t LIG H T LI FE d LOVE A S l i an e ec t o n
H E. on.
h G m M i
.
r , ,
t e er an y st cs .
O T H E LO V E
N
P SAL M S D AVI D T
G or OD .
I N T RODU C T I O N T H E D EVO U T LI E To P ,
OP , H E.
D EA T H A ND IMM OR TA LI T Y
LY A A P O S TO L I CA
.
R .
S P I RI T U A L G U I DE T l i d E d it i HE. r on
S O N G S O N GS T
or , H E.
D E O TI O N S FOR EVERY D IN T H E W
V
,
AY
T H O UG H T S PAS CAL T S d E di i
OP , H E. e con t on. A N D T HE G REA T F ES T I VA LS .
MA N UAL OF CO N SO LA T I O N FR O M T H E S A I N T S P RECES P R IV A T AE .
AN D F A T HERS A , .
H OR A E M AD B kf m
V S T ICA E . ay oo ro
D EVOT I O N S F OM T H E APOCRY P H A W i i g f My i f M y N
.
R . r t n s o s t cs o an a t i ons .
18 M E T H U EN AN D CO M PAN Y L I MI TED
Th e Littl e Guide s— cont inue d
B E D P ORD S H I RE A N D H U N T IN G DO N SH I RE H . . N ORT R AI IPT O NS IIIRE ‘

. W . D ry . S ec
E d i t ion , R e v is ed .
B ER K SH I RE F G B b . . . ra a nt . NOR T HU M B ERLA ND J E M i . . . o rr s.
B UC KIN GH A M SH I RE E S R S d o scoe . e con

ne t.
N L G i lf d
. . .
di i
E t R i d
on , ev s e O T T I NG H AM S H I RE . u
CA M B R I DGESH I RE
. . or .
J CC . . . ox. O X F O RDS H I RE F G B b S d E di . . . ra a n t. e con t

CH ESH I RE W M G l li h a c a n. SII ROP S R I RE .
J E A d S o d Ed i
CO N WA LL
. . . . . u e n. ec n t
R A L S l m S d di i a on. e con E t on . S OM ERSE T G W d J H W d F an
D ER B YS H I RE J C C S d di
. . . . . . . . a e. or.
ox. e con E t ion
D E VO N S B i g G l d F h d i i S T Ai FF O R DS H I E C M fi l d S d
. . . .
R . as e e econ
ou r t E
.
t
.
. . ar n -
ou . on .
t o n.
D O SET F R H h F h E d i i
R . . . eat . ou r t t on.
S UFFOL K W A D ; S d d i ut t e con E zt on .
D m J E H dgk i
. . .
ru . . . o n.
S URREY J C C Thi d di i ox. E t
E SSE X J C C S d E d i i on ,
. . . r
. . . ox . econ t on. i
w r t t en .
G LOUCES TERSH I RE J C C S d . . . ox . e con S USSE X F G B b . F if /E d i i . ra a n t. i z t on.
WARW I C K S H I RE J C C ox .
H A MPSH I RE J C C l i d di i
. . .
. . . o x. r E t on .
WI L T SH I RE F R H h l i d E d i ea t t
G W dJ H W d r
. . . .
H E R E P OR D S H I R E . . . an . . a e.
Y OR K SH I RE T EA S T RI D IN G J HE
H H W T mpk i
E R T P O R D S H IR E . . . o ns . M orr i s .
, . .
KE N T J C C S d E d i i R
. . . ox . e con t on , e YO R K SH I R T N O R T H RI D IN G J
E, HE . .
M i orr s .
KERRY C P C . S. d E di i
. ra ne. e con t on . Y OR K SH I RE TII E WES T RI D IN G J
, . .
‘
AN D R U T LA N D A H
.E ICE S T E RS H I R E . . ar v e y M orr Is .
53 . ne t.
d V B C
an h B r ow t e r- e y no n .
LI N C O L N SH I RE J C C
. .
B R I TT A N Y S B i g G ld
. . . ox .
M J B Fi h
IDD L E S E x . rt
. . ar n -
ou . S e con d E d it
NOR M AN DY C S d m
. . .
M O N M OU T HSH I RE G W d J H W d an a e.
. . cu a or e . S e cond E dit
RO M E C G B ll b
. . . . .
N O RFOL K W A D F fi E di i ut t . our t t on ,
. . . a y.
SI C I LY F H J k
. . .
R ev is ed . . . . ac son .
The Little Lib rary

With I ntro du ti N c on , ote s , a n d P h o to g ra v ure Frontispie ce s
S ma ll P ott Sv a . it Vol u me, cl ot z, 2 s 6d net ;

E at/ / . . a l so so me v ol umes
in l ea t lzer a t 3 5 6d n et . .
An on . A L I TTLE B O O K OF E N G L I SH l SELE CT I O N S FR
B l a k e (W i lia m) .
LYR I CS S d E d i i . d e con t on . 21 . 6 . n e t. THE WOR K S OF W I LL IA M B LA
A t us e n(J ) PR I D E AN D P R EJ U
a ne
B w i g (R b t ) SELE CT I O N S F R
D I CE
.
ro n n o er
V l m
T H E E A R LY POEM S OF RO B E
.
Tw o o u es .
N ORT H AN GE R AB EY
.
B .
B R O WN I N G .
B a con (F i ) THE ESS A YS OF

ra n c s
LO R D BACON g ) S E LE CT I O N S FR
.
C i g (G
a nn n e or e
T H E A N T I J A CO B I N Wi h m 1
. .
B t t (A
a rn e i ) A L I TTLE B OO K OF
nn e
P m by G EO GE CA NNIN G
-
t so e
E N G L I SH PROSE
.
T/
oe s R .
i d d . z r E it ion .
R kf d (W ill i m)
oc or T H E H I S T O RY OF a C w l y (Ab h m)
o e T H E ESS A YS ra a
A B R A H A M COWL E Y
.
THE CA L I PH V AT H E K
.
. .
G ENER AL L I T ERAT U R E 19
Th e Littl e Libr a ry — continue d
Gra b b e (Ge or ge ) .S L T I ON S F R O M
E EC S mith (H ora ce REJ E CTE D
a nd J a me s) .
TH E P M
OE S OF G G E CR A B B E
E OR . A DD R E S S E S .
Cra s h w (Ri ha d) TH E E N G L I SH
c ar Sterne (L ) A S E NT I M E N TA L
a ure nce .
POE M S OF R I CH A R D CR A SH A W
.
. J OUR N EY
D t Al igh i i PUR G A TORY Te nn y (Al f d L d) T H E E A RLY
son re or
54 5 O F A L F RE D LOR D TE NN Y
.
an e er
PA RA D I SE
. .
5813
.
11 ,
D i
ar o (G g ) SELE CT I O N S FRO M
e or e I N M E M O R IA M
TH PO E M S OF G E OR G E D A RLEY T H E P R I N CE SS
. .
M AU D
. .
Ki gl k
n a (A e EOTHE N S d
. . econ
.
THE POE M S OF
E di i t 6d ne t . V au gh (H
an ) our
HE N RY VA U A
.
on . 23 . .
L k
oc e r LO N D O N LYR I CS .
W t h
a er (E l i b t h
on se ) A LI TTLE za e
T H E POE M S OF B O O K OF L I F E A N D D E ATH
.
M a rv ell (A d w ) n re
A N D REW M AR V ELL
. .
. Ni ne “ E di i
te e n 6d t t on. 23 . . ne .
H il ton (J h ) THE M I N OR POE M S O F

o n W d w th (W 0 S E LE CT I O N S FRO M
or s or
T H E P O E M S O F W I LL IA M WOR D S
.
J OH N M I LTO N
.
M A N S I E WAU CH
.
W OR T H 6d . 25. . ne t .
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. . .
E . us
Ho pe (An th on ) y . A C H A N G E OF AI R Te n t h E
d i C it on. r. 800 .
55 . net .
S ALT H A E N I ll
.
S ix t h E d i t ion . Cr . 87 m . 65 . ne t .
d F Vh . us t ra t e . ou r t E
A M A N OF M A R K S h d i C ev e nt E it on . r.
C r . 8210 .
55 . ne t .
S AI LORS KN OT S I ll
.
’
8710 . 65 . ne t . d . us t ra t e .
THE C H R O N I CLES OF C OU N T AN E d it
i C on. r. 800 .
55 . ne t .
TO N I O S i h di i C . xt E t on. r. 800. 65 . SHO R T C RU I S E S hi i i . T rd Ed t on

n et .
PH R OSO I ll d N i h E di i C us t ra t e nt t on . r.
il L I FTE D V E I L
. .
8710 . 65 . ne t . K in g (B a s ) . THE
S I M O N D A LE I l l d N i h di i . us t ra t e .
'
nt E t on .
80 0 . 65 . ne t.
C 8 65
r. 710.
T H E K I N G S M I RROR
. n e t.
Le tl b r id ge (S b y il ON E WO N
f h d i
’
. Fi t E it on . EaR Oi Cr 8710 . . 65 . n e t.
C r. 65 . n et.
Q U I S ANT E h di C . F ou r t E t ion . r. 80 0. 65 . L o n d on (J a ck ) . WH I T E FA N G .
n et. E d it ion . Cr 89 0 . . 65 . ne t .
T H E D OLLY D IA L OG U E S
’
C 6 r. 8w 5
L B ll LO D
. . .
ne t . ow n d e s (Mrs . e oc ) . TH E
T A LE S OF TW O P E OPLE hi d d . T r E i Th ir d E d it ion . Cr . 65 . ne t.
i
t on. C 8 r. 710. 65 ne t .
L L I S T E N E R S LUR I
.
A SERVA N T O F T H E PU B L I C I l l . us
uc a s
B
(E .
O L I UE N A RR A T I O N
Q T tf h E we
’
t
d F t h E d it i on . Cr 8270 65 i
.
t ra t e . ou r . . . n e t.
F t 8 ea 6 0 0. 5 ne t .
THE G RE AT M I SS D R IV ER F h
. .
. ou r t
OV E R B E M E RT ON S A E A SY ’
: N
C HRO N I CLE
E di Ct ion . r. 800 . 65 . ne t.
S h E di ix t e en t t i on .
M RS M AXO N PR OT S T S Th i d E d i
.
. E . r 8 6
210 . 5 . ne t .
i
t on .C 6 r . 80 0 . 5 . ne t .
M R I N G LES I D E Thi h E r tee n t
A YOU N G M AN S YE A R S d E di i
. .
’
. e con t on . F t 8 ea 6 210. 5 . n e t.
Cr 80 0.
. 65 . not .
LO N DO N LAVE N D E R T lf th E . we r
F /8e et 5. 6 210. 5 ne t .
H O RR O CK S
.
’
MR
Hy n e (C. J
P U RS E R
.
.
Cut cl ifl e
F ift h E d it t o n
) . .
.
,
L AN D M A R K S F fl h E di i C . t on .
6 5 . n e t.
ne t .
F I R E N HOT F h E di i C
ME . ou r t t on . r .
T H E V E R M I L I O N B OX F f th E . i
Cr 8270 . 65 . ne t
CA P T AI N K E T T LE O N T H E W A R
P AT H Th i d Ed i i C 8 6 Ly l (Ed ) D ERR I CK
al na VAU G
N OV EL I ST
.
. r t on. r. 710. 5 . ne t .
h Th .
44t o u sa nd Cr .
R E D II E R R IN G S . Cr . 800. 65 . ne t. 55 . ne t.
F ICT IO N 27
McKe n n a (S te p h e n) . THE VA N I SH E D M ESSE N G ER S SO N IA B E T WEE N : e cond

WORLDS S
. .
T wo h E di i C 8 E di i
. C 8 6
i x te e n t t on . r. 210. t on . r . 210. 5 . ne t .
T H E H I LL M A N C 8 6
N I N E TY S I X HOURS LE AV E F if h
-
’
. t
r. 00. 5 ne t .
Ed i C 8
i t on .
T H E S I X T H S E N SE
r.
O h m (J h )
210.
A W E AV E R
7 5 . n e t.
OF xe n a o n
W E B S I ll
.
C 8 6 d F if h E di i C
. r . 00. 5 . ne t .
. us t ra t e . t t on . r.
8 6 210. 5 . net.
M a c na ugh t P E T ER A N D J A N E PRO FI T A N D LOSS S i h E di i

an .
. xt t on
F h Edi i
ou r t C 8 6 t C 8
on . 6 r. 210. 5 . ne t. r . 210. 5 . n et .
T H E S O N G O F HY A C I N T H OTH
T H E H I STORY O F S I R
A ND E
M l t (L
a e ) uca s
R I CH A R D CALM ADY A R OM A CE S OR
. I ES S d E di i C 8 6
: N
T . e con t on .
,
r. 210. 5
. net .
S h E di i
ev ent C
T H E W AG E S O F S I N
8
Si
6
h E di i
Mt
Y L A D
on .
Y OF SH A D OWS r .
F
00.
x t ee nt
5 . ne t.
t on .
. ou r t
.
E dit ion . Cr . 800. 65 . n et .
Cr 8210 . . 65 . n et .
THE CAR I S S I M A F if h E di i C . t t on . r.
LAU R IS T ON S
65 . n et .
. F our t h E dit ion . Cr . 8210
8 6 n e t.
00. 5 .
T H E GA TE L E SS B A RR I E R F if h E d i . t
TH E C O I L OF CA R N E S i h E di i . xt
’
t on
t ion. Cr . 8210 65 ne t .
Cr 8210 . 6 . 5 . ne t .
T H E Q U E S T O F T H E G OL D E N ROSE
. .
a so n (A. E C E ME N T N L I A F h E di i
ou r t C 8 6 t on . r. 210. 5 ne t .
I ll
.
. .
ne t .
us t ra t e d . N int h E dit ion Cr . 8210 65 . . .
M A RY A LL A LO N E Thi d E d i i C -
. r t on . r
B R O K E N SH A C K LES
Ma x we l l (W VIVI E N Thi . . r t ee n t h
Cr . 89 0
F
.
h E di i
65 . ne t .
. ou r t t on
THE G U A R D E D F LA M E S h . ev e nt E di 1914 Th ir d E di t ion . Cr . 800 . 65 . ne t
t ion .
C r. 8210 65 n et.
P l P I E RR E A N D H I
. .
O D D LE N GT HS d d i C . S e con E it on . r. 8270 a r ke r
P E OPLE S h E di i C 8 6 (Gi be r t) .
. ev e nt t on . r. 0 0. 5
H I LL R I S E F h E di i C ou r t t on . r. 8210. 65
ne t .
M R S F A L CH I O N
. .
ne t . F if th E d i i C t on.
T H E R S T CURE
. . r
FE h d i . ou r t E it on . Cr . 8 210.6 5 . ne t .
T H E T R A N SL A T I O N O F A S AVAG E
80 0 . 65 . n et .
h E di i C 6
Mi l ne (A A D AY S PL AY S i h
. . TH E
’
. xt
F ou r t
TH E TR AI L OF THE S WO R D
t
I ll
on . r . 89 0 . 5 . net.
us
E di i C t on . t r. 800 65 ne .
T H E HOL I D A Y ROU N D S
. . .
d E d it i . e con on d
tra t e T h E di i
. C 8 e nt 6 t on . r. 210. 5 . ne t .
C 8 r. 6 00. 5 . ne t . WH E N V ALM O N D CA M E T O PO N T IA C
O N CE A W E E K C 8 6 t '
. 7 . 210. 5 . ne T S T ORY OF A LOS T N A POL O N S

HE E . eo e n t
E di i C 8t on .6 r. 00. 5 . ne t.
M i
or r s on ( A th ) T A LE S O F M E A N
r ur AN A D V E N T URER OF T H E N O R T H
S T RE ETS S
.
ne t .
t h E di i C 8. 6 ev e n t on . r. 210. 5 .
T LAS T A DVE N T URES OF P RET
HE
’
‘
1
P TE R RE .F if h Ed i C 8 t zt on . r. 210. 65 ne t
A CH I LD O F T H E J A G O S i th E dit i
.
T H E S E AT S O F T H E M IG H T Y I ll
. x on .
. us
C 8 r. 6 oo 5 ne
T H E H O L E INT H E W A LL
t ra t e d. Tw ent ie t h E dit ion . Cr
.
. 800 . 65
F h . ou r t n e t.
E di i C 8t on .6
D IV E R S VA N I T I ES C 8 6
t r. 210. 5 . ne .
THE B ATT LE OF T H E STR O N G : t
. r. 00. 5 . n et . R O M AN CE OF T K IN GD M S I ll d
“
wo O . us t ra t e
S h E d i io
ev e n t C 8 6 t n. r 00. 5 . ne t .
Opp h im (E Ph i l l i p ) M AST E R OF
.
en
ME N F if h E d i i
e
C 8 6 t t
.
t on .
s .
r. 00. 5 ne
THE PO M P OF T H E LAV ILE TT ES
Thi d E d i i C 8 6
. . .
t
T H E M I SS I N G D E LOR A Ill r on . r. 210. 5 . ne t .
d
F th E d i
ou r C 8 6 t
i t on . r. 210.
.
5 . ne .
us t ra t e .
N ORT H E R N L I G H T S F h E di i . ou r t t on
T H E D OU B LE L I F E O F M R A L F R E D
Cr . 89 0 . 65 . ne t .
B UR TO N S d E d i C 8 6
.
e con i t on . r. 210. 5
THE CH A R M /
. .
ne t . Perr l n (Al ice ) . . Fi t

A PE OPLE S M A N Thi d E di i C ’
. r t on . r .
E dzt ion Cr 800 . . . 65 . ne t .
8 210.6 5 . ne t .
M R G R E X OF M O N T E CA RLO Thi d r Ph il l p tt (Ed ) C H I LD R E N OF T H

o s en
M I S T S i h E di i C 8 6
. . .
E d i t ion . Cr 8210 . . 65 . ne t . . xt t on . r. 210. 5 . n et .

2 8 MET H U EN AN D CO M PAN Y L I M I T E D
THE HU M A N B OY Wi h F i p i Wi l l ia ms on (0 H. a nd A.
IG N I O N D U CTOR L HT NG
.
. t a r on t s e ce .
C :
S h E di i
ev e n t C 8 6 t
S T R AN GE A DVE N T URES OF A M
on . r. 210. 5 . ne t .
OTC
SO N S OF T H E M OR N I N G S d E di I ll d T d E di i . e con us t ra t e . w e nty 5 e c0n -

t o
it C 8
on . 6 r. 210. 8 5 . n e t. 7 0.
2 65 . ne t .
THE R IV ER F h E di i C 8 6 THE P R I N CE SS P A SSES A R ou r t t on . r. 210. 5 :

I ll
. .
ne t . M d Ni h OF A OT O R. us t ra t e . nt
THE A M ER I CA N PR I SO N E R F h C 6
ou r t
r. 800 . 5 . n e t.
LA D Y B E TT Y ACROSS THE W
.
E di i C 8 t 6
on . r. 210. 5 . n e t.
D E M ET E R S D AU G HTER Thi d E di ’ N i h E d i i C 8 6
. r
ne t e e n t t on . r. 210. 5.
i
t C 8
on . 6 r . 210.THE CAR OF D ES T I N Y I ll
5 . ne t. . u
THE HU M A N B OY A N D E WAR T H S h E d i i C 8 6 .
ev ent
6
t on . r. 210. 5 . n e t.
Thi d E dit i r C 8 6 S CARLET RU N N E R I ll

on . r . 210.
d 5 . n et.
. us t ra t e .
E di i C 8 6 t on. r. 210. 5 . net.
Pl k th l l
o (M m d k )
a S AI D T H E L O R D L O V E L A N D D I S C O
ar a u e
F I SH E R M A N T t h E di i C 8
.
A M E R I CA I
,
6 ne t.
.
ll en d S d t on. r. 00. . us t ra t e . e con
5 .
C 8 6 r. 210 . 5 . ne t.
THE G
A SO N O F THE E ig h h E di i C 8 6 t OL D E N S I LE N CE I ll
(W
.
Ri d g eP tt) e t t
S T A TE Th i d E di i
. .
on . r. 210. 5 . ne .
C 8 6 t
ne t.
.
THE G UES T S OF HER CULES

r on . r. 210. 5 .
d F h E di i C 8 t
TH E RE M I N G TO N S E N T E N CE Th i d
t ra t e . ou r t on . r. 9 0.
E di i C 8 t 6
on. TH E
r. HE A THER M OO N I l l
0 0. 5 . ne t .
. r
. u
F if h E d i i C 8 6 t t 5 . ne t .
M AD A M E PR I N CE S d E diti C IT H A PP E N E D I N E G YPT I l l . e con on . r .
on. r. 210.
u
8 6
210. 5 . ne t.
.
S h E di i C 8 6 ev e n t t ne t .
TOP SPE E D S d E d i C 8 econ zt on . r. z'
o.
on . r. 00. 5 .
A SOL D I E R OF T H E LE G I O N
.
E di i C 8 6 t on . r. 210. 5 . ne t .
B hmo (S ) THE D E VI L D OCTOR THE SHOP G I RL C 8 6

er ax . .
. r. 210. 5 . n
Th i d E d r C 6 t i on r. 8210 5 . ne t .
I TN I N G
i
L G H
. .
T H E S I F A N M YSTER I ES
TH E CON DU C
-
S d E di . econ
Th i d E d i i C 8 6 r t on . r . 210. 5 . ne t .
ti C 8
on . 6 r. 210. 5 . net.
S ECRET H I S T ORY C 8 6 r. 210. 5

S HOPS AN D HOUSES
. .
Bw i tnn e r ou
T H E LO V E P I R A TE I ll
.
C 8 r.6 00. 5 . ne t . d . us t ra t e .
Ed i C 8 6 zt on . r. 00 . 5 . ne t .
W ll (H e B E ALB Y
s F if t h E d it i ;
. A1 C 8 6d . on 50 r. 0 0. 35 . . ne t .
T H E C OW B OY C OU N T E SS
C 8 r.6 210. 5 . ne t .
.
W y m (S t l y ) U N D ER THE R E D
e an an e
RO B E I l l LO R D JO H N I N N E W YOR K
.
d Thi i t h E d i i
. us t ra t e . rt e t o n. .
Cr . 8210. 65 . ne t . 35 . 6d . n et .
B oo ks f or B oy s an d Gir l s
li /
z 5t z r a ted. Cr ow n S e a .
5 5 . n et .
G ETT I N G W D ORO T HY T M O LY A G U A RD R OOM D

F LI. O F E H E.
'
r s. N -
OG .
W K
,
. . C h ll ut e .
G I RL T HE P EO P LE A L T M d
OR
R G RA N GE T M M l , . . . ea e.
o e sw o
H O N OUR AB LE M I SS T L T M d H E. . . ea e.
ED ,
H E. rs .
M AST E R V OYAGE W Cl k T HE E WAS O N CE A P R IN CE M

,
’
R OC R A RE LLA R S ar R r
R ll
. .
. .
uss e .
M a nn
30 ME T H U E N AN D CO M PAN Y L I M I T E D
’
Me t h ue n s Ch e a p Nov e l s — con t in ue d.
LO N G R OAD T J h O h m , H E. o n xe n a . SEA LA DY T H G W ll , HE. . . e s.
LOVE P I R A T E T C N d A M H E. an S EA RC PA R TY T G g A B i mi
H H E. e or e
W il l i m ,
. . . .
, . r .
a so n .
S CRE T AGEN T T J ph C
E H E. os e o n ra
M AS T ER S V I O L I N T M y l R d
'
, H E. rt e ee .
S ECRE T HI S T ORY C N d A M V
,
an l
M A X CA E A DOS E B m h
. . . . .
R . r ne s t ra a . so n.
M AYOR O F T R OY T Q , H E. .
”
S ECRE T WO M A T Ed P hil lp N, H E. en o
MESS D EC K T W F S h , HE. . . a n n on . SET IN SI LV ER C N d A M . . . an . .
M IGH TY AT O M T M i C l li HE. ar e ore

s on .
S EVA STO P OL A N D O T HER S T OR I ES

.
,
M I R AGE E T mp l Th . . e e urs t on .
Tlo s t oy .
, .
M I SS IN G D E LO RA T E P hill i p Opp , H E. . s en
S EVER IN S T M Al f d S idg i
H E. rs . re w c
h im ,
C RU I SES W WJ b
e .
MR G RE X OF M O N T E CA RLO E Phi ll i p SII O RT
S P ANI S H G OLD G g A B i mi h
. . . a co s.
s
O pp h i m
. . .
en e . . e or e . r ng a
MR “ ASH IN G T O N M j i B
.
7
. a r or e o w e n. S P INN ER IN T H E S A M l R U N, .
yrt e
MRS M A X O N P RO T ES TS A h y H p nt on o e. S T REE T C A L LED S T RA I G H T T H E.

Ki g
. .
,
MY D ANI SH S WEE T H E A R T W Cl k ar
n .
R ll TA LES OF MEA N S T REET S A h M

. .
uss e . . rt ur
MY F I E N D T HE CH A UFFEUR C N d
R an TA RZ AN OF T HE AP ES E d R gar
A M Willi m gh
ic
. . . .
a so n. r ou
MY H US BA N D AN D I L T l
. . s.
. eo o s t oy . T ERESA OF WA T LING S T REE T .
MY LA DY OF S HA DOWS J h O b m o n xe n a
‘
B e nn e t t .
S ECRE T AGE N T J h C d
. .
MYST ERY OF D F M AN CHU T S i R. U -

H E. ai
T HE . o n o n ra .
R hm o e r.
,
T HERE WAS A C M AN D l f W ROO R E D . o
MYS T ERY OF T HE G REE N H EAR T T H E. T AN T T

YR M H yd l PH E. rs. e nr
M P mb
ax e e r t on .
, ,
UN DE T HE R R O B E S l y J W
R ED ta n
e a as
N I N E D AYS W O N DER A B M C l ’
, . . . r o ce r .
UN DER W ES T ER N E YES J ph C
. e .
N T O S T H I R T Y W P R i dg
I\ E ix -
. . e tt e.
UN O FF I C IA L H O N EYM OO N T
. os e o
O CE AN S LEU T H T M i D k , H E. a ur c e ra e. W ll d y ar e.
, H E.
O LD R OSE A N D S ILV ER M y l R d . rt e ee .
V A LLEY OF T HE S H A DOW T , HE.
PA T H WA Y OF T HE PI O N EER T D lf L Q ue ux.
V I RG IN I A P ERFEC T P g y W bl i g
HE. o e
,
Wy ll d ar e. e g e n
P EGGY T HE B A R TON S B M C k
. .
WA LLE T OF K L U N G E B m
'
OF . . ro e r.
AI
.
rn e s t ra
P EO P LE S MA N A E Phil l i p O pp h i m
.
’
, . . s en e .
WA RE CASE T II E G g P l yd l l e or e e
B il K i g
e
P E T ER AN D JAN E S M
. .
,
h . . a cn a ug ta n .
W AY H OM T E, H E. as n
QUES T G LORY T M j i B
.
OR , H E. a r or e ow e n .
W AY OF T HE E WO M E N T E S H E.
QUES T GO LD E N R OSE T J h O p p h im , .
OR 1 H E H E. o n en e .
,
O h m
xe n a .
WEAVER OF D RE A M S A M l R y rt e e
R EGE T T A l d B
.
,
N , H E. rn o e nne tt .
W E AVER O F W E BS A J h O h o n xe n a
R E IN G TO N S E N T E N CE T
.
W P
,
M
R idg , HE . . e tt
W DD ING D T
E C N d AY , HE. . . an
e.
R OU N D T HE R ED LA M P S i A C D l W l li m i a so n.
W H I T E F AN G J k L d
. r , o na n o y e.
on on .
SA D T H E FI SHER M A N M m d k P i k
. ac
WI LD O L I VE T B il K i g
’
I ar a u e c
h ll
.
,
, HE. as n .
t a
WO M AN W I T H T HE F
.
SA LLY D h C y or o t ea on e rs . T AN, H E.
Hi h
.
S ALV IN G OF A D EREL I C T T M HE. a ur i ce

c e ns .
D k ra e.
,
WO g.M i D k a ur ce ra e.
SAN DY MARR I E D D h C . or o t ea o n y e rs. W O N DER O F LOVE T E M i A] ,

H E. . ar a
SEA C A PT A IN T H C B il y ,
H E. . . a e . YELLOW CLAW T S R hm ,
H E. ax o e r.
F I CT I O N 3 I
’
Meth u en s On e an d T hree p enny Nov el s
1s . 3d . n ot
B A R BAR A R E B ELL M B ll L d
. rs . e oc ow n e s. I C A S T RE ASURE T E Gl i ll
N
’
HE. . a nv e.
B S T RO K E OF S WORD
Y A d B lf n re w o ur. K A T HER IN E T HE A M B M R R OG A N I .
‘
a rs .
C k
. . .
D ERR I C K VAUGH AN NOV EL I S T Ed . na

ro e r.
M I SER H OA DLEY S S ECRE T A W M h

,
L ll ya .
’
. . . a rc
m
D OD o. E FB . e ns o n .
o n t.
P O MP OF T HE L S i G il b
.
D R A M A IN S U N SH IN E A H A V h ll
, . . . ac e .
P k
T
A V ILE T T E S , H E. r e rt
H OUSE OF W H I S PERS T Will i m L

ar er
Q ue ux .
, H E. a e
P ROF I T AN D LOSS J h O h m . o n xe n a .
H U M AN B T E d Phill p
OY , HE. en o t ts. SI G N OF T HE S P I DER T B m M i f d
, H E. e rt r a t or .
l CROW N T HEE K IN G M P mb . ax e e r ton. SON OF T HE S T A T E A W P R idg, . . e tt e.
P r in te d by MORR I S O N G I BB LI M I TED . E dzné mg k

’
THI S B OOK I S DU B ON TH E L AS T D ATE
S TAM P E D B E L OW
AN I N I T I AL F I NE OF 25 C E NT S
WI LL A
BE S S ES S E D FO R I
F A LU R E TO R ET U R N
I
TH S N
B OOK O T H E D AT E D U E . T H E P EN A LT Y
WI LLIN A E CRE S T O s o C EN TS O N T H E F O U RT H
DA Y AN D T O ON TH E S EV E N T H D AY
OV ER D E U .
2 6 1933
2 7 1933
2 3 1934
8 1934
195 4
19 1935
AUG 17

TheWarDebtandHowtoMeetIt 10426574

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TheWarDebtandHowtoMeetIt 10426574

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TH E WA R DEBT

examine the real meaning of the

felt bound to deal with this plan at some

accepted method o f ﬁnancing the war 216 ,

by borrowing the money required for the

soldiers and for the allowances to their

dependents is a sound one I venture to

urge that the money required for these

spent by the recipients should be obtained

by taxation and not by borrowing .

M any of the ideas contained in this book

C ommittee appointed by the E conomic S ec

and Finance and o f the later S ub C ommittee

on Income Tax Reform ”

expressed here must not be taken as being

that the C ommittees and indeed al l econ ,

o mis t s are agreed in deplorin g the ﬁnancial

methods adopted by the G overnment in the

The after war burden of taxation must be

heavy but it need not be intolerable if t h e

revenue required is raised by an equitable ,

system of direct taxation ti e a reformed ,

Income Tax and not by devices which ,

hamper trade or produ c tion I submit a .

rough plan for the reform of the Income Tax ,

designed t o make it yield about two thirds -

of the revenue needed in a Peace Budget .

Ihave t o acknowledge with thanks the , ,

permission of the E ditor of the F ortnightl y

III . WH O P AY S FOR TH E WAR ?

c ons i dering how t he Wa r D ebt

h ow it c ame into be ing .

Wh en a w a r begins t he Gov ernment s of

munition gun s transpo rt a nd ma c hine ry for

their armed for c es .

These requirements mea n that the G overn

constant supply of the commodi ties In the .

ca se o f the cont inen ta l na tions a nd l ater in

the conﬂict of our own c ountry and the

U nited S tates the G overnments obtain the

services of the men who are to ﬁght by con

become soldiers on pain o f imprisonment or

which varies from a few pence a day on the

All Governments also clai m the right of

and more pa rticularly the right of entering

using and taking l and or hous es , .

But most of the commodities are only taken

prices sometimes a t price s ﬁx e d by G overn

ment ofﬁci als N aturally the payment made

for l an d a nd houses depends u pon circum

stances in the face of the enemy no land

but when h is property is taken say in ,

Engl and Where the re is no danger from the

en emy he may expect a fai r rent Apparently

so metimes relies upon the .

royal prerogative a nd does not admit any

legal obligation to pay rent this contention ,

however is so clearly inequitable that we may

ignore it and assume for economic purposes

that a rent is paid in all cases

Th e chief thing which nowadays Govern

working on roads and railways sen ding up ,

supp lies o f food and munitions repairing ,