I want especially to emphasise that this is for the first time in our financial history a great democratic loan. The State is appealing to all classes, including those whose resources are most limited, to step in and contribute their share to meet a supreme national need. The Post Office will receive subscriptions for L5, or any multiple of L5, and will sell vouchers for 5s. and upwards which can be gradually accumulated, and by December 1st next turned into stock of the new loan. Every advantage which is given to the big capitalist is granted also in the same degree to the smallest supporter of the country's credit and finance. And, under such conditions, I am confident that the success of the loan as a financial instrument ought to be, and indeed is now, absolutely secured. (Cheers.) This meeting was called not only to advertise the advantages of the War Loan, but to initiate a concerted national movement for what may be called war economy. My text is a very simple one. It is this: "Waste on the part either of individuals or of classes, which is always foolish and shortsighted, is, in these times, nothing short of a national danger." According to statisticians, the annual income of this country--I speak of the country and not of the Government--the annual income of this country is from two thousand two hundred and fifty to two thousand four hundred millions, and the annual expenditure of all classes is estimated at something like two thousand millions. It follows that the balance annually saved and invested, either at home or abroad, is normally between three hundred and four hundred millions. Upon a nation so circumstanced, and with such habits, there has suddenly descended--for we did not anticipate it, nor prepared the way for it--the thundercloud of war--war which, as we now know well, if we add to our own direct expenditure the financing of other countries, will cost us in round figures about a thousand millions in the year. Now how are we, who normally have only three hundred or four hundred millions to spare in a year, to meet this huge and unexpected extraordinary draft upon our resources? The courses open are four. The first is the sale of investments or property. We have, it is said, invested abroad something like four thousand millions sterling. Can we draw upon that to finance the war? Well, there are two things to be said about any such suggestion. The first is that our power of sale is limited by the power of other countries to buy, and that power, under existing conditions, is strictly limited. The second thing to be said is this: That, if we were to try, assuming it to be practicable, to pay for the war in this way, we should end it so much poorer. The war must, in any case, impoverish us to some extent, but we should end it so much poorer, because the income we now receive, mainly from goods and services from abroad, would be proportionately, and permanently, reduced. I dismiss that, therefore, as out of the question.