50 
..h-. 
8. That the abolition of the Debt would benefit the 
country enormously by reducing the rate of interest payable 
by Industry and Commerce and placing it in an unequalled 
position for production and trade compared with Nations that 
have debts. 
Finally, what is the alternative to a Capital Levy? 
Next April’s Budget alone will show, but a rise of Income-tax 
to 15s. in the s6 for large incomes must be contemplated if 
our annual Budget at its present rate is to balance. 
By April next the Nation will have to face its real finan 
cial situation, and—so will its rulers. We have three months 
in which the Government and the taxpayer can slumber in a' 
world of roseate dreams and unrealities, and then we shall 
awaken to face an ice-cold shower-bath in the shape of three 
alternatives :— 
A crushing Income-tax, or Profits Tax. 
A Capital Levy. 
Inability to meet our financial engagements, commonly 
called Bankruptcy. Our proposed suspension of 
Interest payments on our American Debt is the 
first indication of what may happen in this direc 
tion. We have three months to slumber on, or to 
think over which alternative we shall adopt.