A VOLUNTARY FUND FOR OUR PRESENT DISTRESS [To the Editor
of the SPECTATOR.] Sra,—I have had a copy of Miss Malim's pamphlet and am in sympathy with her laudable object.
In your issue of the 3rd inst. a suggestion is made for the proposal of a better—I would prefer to say an alternative— scheme, and it seems to me that greater difficulty will be found in obtaining promises to cancel a tenth of one's War Loan than to secure consents to the acceptance of one half per cent. less interest on investments therein. Many large holders in Banks, Insurance Companies, Financial Trust Companies, Trade Unions, and so on might find it much less disturbing to their balance sheets to adopt the latter course as against the former, and, speaking personally as the holder of a fairly large sum of the Loan, bequeathed in my will in a certain manner, it would be vastly less trouble.
I imagine the Chancellor of the Exchequer would also be glad to arrange for an undertaking to be filed that when the year 1929 arrives these items of War Stock are not to be paid off and not to be renewed at exceeding 4A per cent. There may be something crude and unworkable in this suggestion, but I venture to put it forward for what it is worth.—I am, Sir, &c., E. H. W.
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