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Show ESTIMATE COST OF !, ONE YEAR0F 10 ENGLAND WILL SPEND OVER TWO BILLION DOLLARS ON ARMY AND NAVY. To Pay This Enormous Bill the Government Gov-ernment Has Decided to Borrow Large Sum and Double Income In-come Tax. London. David Lloyd-George, chancellor chan-cellor of the exchequer, In the house of commons on Tuesday estimated that the cost of one year of the war for this country would be 450,000,-000 450,000,-000 ($2,250,000,000), the largest amount England has ever spent on a war and more than twice what was spent In the four years' conflict in South Africa. To pay this enormous bill the government gov-ernment has decided, he said, to raise a loan of 350,000,000 ($1,750,000,-000), ($1,750,000,-000), which would be issued at 95, bear Interest at the rate of 3V2 per cent and be redeemable at par, March 1, 1928. The chancellor proposed and the house unanimously supported him, that the income tax should be doubled, dou-bled, but only collected on one-third of the income this year; that an extra ex-tra half-penny (1 cent) per half pint should be levied on beer, and an extra ex-tra three-pence (6 cents) per pound on tea. lie explained that the expenditure on the British troops would be higher in proportion than that of any other country in the world, as the pay and the cost of the army and navy were treater; there were separate allowances allow-ances to the men and their families and pensions were on a larger scale. Already 2,000,000 were serving and another 1,000,OOj were in the course of enlistment. All the resolutions covering David Lloyd-George's proposals for new taxation tax-ation were passed. |