It Is Oars . . .

This war is our war—it is the war of our people and the loan is the loan of our people. If we make a great success of this loan, as should be the case, it is certainly true that we would not be the first country to do so—America, Australia, England and Soviet Russia have all supported highly successful loans.

Were the loan to prove unsuccessful, the failure would do great damage—it would necessarily imply further heavy taxation, thus breaking down the whole war economy which is now based on stabilisation. This would react most heavily on the working class and lower income groups such as students.