DEBT CONVERSIONS.
Nor must it be forgotten that the cheapness of money has had some favourable effect upon the financial situation. Indeed, one of the conspicuous events of the year has been the great prospective saving accom- plished by the Government in the matter of the annual debt service owing to the splendid success which attended the recent Conversion Loan, and, further, as a conse- quence of the great rise in British Government and kindred securities, many weak financial positions have been made stronger, and although as against the pro- spective saving for the coming year in the National Debt service must be set the increased expenditure in connexion with relief to the unemployed, the state of the National Finances not only makes a favourable comparison with that of any other country, but also the Revenue has been maintained in a remarkable manner having regard to the general conditions of financial depression.
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