28 JUNE 1919, Page 3

We shall not apologize for repeating what we have already

said about the new Loan because it is profoundly important that the Loan should be a success. In spite of all the explana- tions Made on behalf of the Government, one still hears the foolish criticisms that now that the war is over loans are not so important as they were, and that to lend more money to a spendthrift Government would be to encourage them in extrava- gance. Such criticisms show a complete misunderstanding of what this Loan is. It is not a Loan for fresh expenditure, but to provide for a satisfactory clearing up of the debt incurred through past expenditure. The more a man disapproves of extravagance, the keener he should be to make this Loan a triumph.