Excerpt from Budget Speech Delivered by Hon. Sir Thomas White, M. P., Minister of Finance, in the House of Commons, Tuesday, February 15, 1916
From what I have said it will be gathered that the general position of our finances has been that while our revenues have been substantially increasing and our ordinary and capital expenditures materially declining, our war expenditure has been mounting rapidly. Our problem has therefore been one of raising money to fill the gap between revenue and total out lay, and I turn now to describe the financial operations of the vear.
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