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BRITISH ELECTIONWS.
SPEECH BY IL. CIIURCRLL
TlE FIRMOIAL PmSION.
London, Dec. 11.
Mr. Winston Churchill, Minister of Muni
tions, speaking at Dundee yesterday, dwelt
upon the gravity of the British financial
situation, which, however, he was oonfident
we would oourgeously overcome. About
six-sevenths of our debt was owing to our
selves. We sent to America A00fa.0O.000
worth of bullion and about £1,00,000,000O
in American securities. Most of this sum
was incurred on behalf of the Allies and
Russia. We would not only lose the inter
est on securities, but had to pay interest
thereon to British proprietors from whom
the Government had taken them over. A
strong Allied commission was inquiring in
every direction regarding German assets,
which were capable of being distrained for
the purpose of discharging the cost of the
war.
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