Close on the heels of the start of the greatest battle of history, the Chancellor of the Exchequer has introduced the largest budget by far that Great Britain has ever faced. With a national debt now standing at the huge total of over thirty billions, England is now preparing to lay on herself this additional burden of some fourteen billion dollars for the coming year. After three and one-half years of war, the Chancellor has announced that the financial condition of the country is more than good enough to stand the added strain.

If England is still able to support such a tremendous expenditure, this country should find no difficulty to fulfilling its obligations towards this and succeeding Liberty Loans, and towards any added taxation that may be imposed. The first years of the war, which were for England times of economic difficulties, were for the United States times of unprecedented prosperity.

An oversubscription to the present loan will be the best way to show that we are backing England to the limit and that, fresh and powerful, we will keep the pace that she, the veteran, has set.