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Updated: May 19, 2025
In the first place, we have always to remember that these figures are in after-war pounds, and that the after-war pound is, thanks to the profligate use by our war Governments of the printing-press and the banking machine, just about half the size, when measured in actual buying power, of the pre-war pound.
The Chancellor arrived at his after-war debt charge of £380 millions by estimating for a gross debt on March 31, 1919, of £7980 millions, which he reduces to a net debt of £6856 millions by deducting half the expected face value of loans to Allies, £816 millions, and £308 millions for loans to Dominions and India's obligation.
After that Mary, when very much in earnest, or when enthusiastic, spoke in her native tongue altogether. She claimed an intense interest in European after-war conditions, in reconstruction, in the attitude toward life of those millions of young men who had actually participated in the conflict. She asked questions that might have been considered impertinent, not to say nervy.
Recovery after the war may be astonishingly rapid if all goes well, but this can only happen if every opportunity is given to industry to get back to peace work with the least possible friction, and a heavy burden of after-war taxation, such as we shall inevitably have to face if our Chancellors of the Exchequer continue to pile up the debt charge as they have done in the past, will be anything but helpful to those whose business it will be to set the machinery of industry going under peace conditions.
Those Maoris who had fought on the British side were seldom the better for their contact with the white man. Drunkenness became prevalent among them, and altogether the after-war period presents a sad picture of apathy and decline. Nor can it be said that up to the present time there has been any general revival. But cheering symptoms may be noted.
She sat perfectly still so that no chance movement should disturb that mood till it could be examined and challenged. There was certainly something else in her heart beside sorrow over the miseries of the after-war world. She persisted in her probing search, felt a cold ray of daylight strike into that gloom and recognized with amazement and chagrin what else it was! Disgusting!
It doesn't matter being silent with Delancey because he doesn't notice it. "I want," he said, "to picture the very earth in the agonies of labour giving birth to a new world." "I have changed my motif a little," he said. "I simply want to portray the quicksilver of after-war conditions England in transition." At this time Delancey seemed to me the least little tiny bit depressed.
Fidelity to mood, to impression, to self will remain what it was the very kernel of good dramatic art; whether that fidelity will find a more or less favourable environment remains the interesting speculation. When we come to after-war conditions a sharp distinction will have to be drawn between the chances of sincere drama in America and Britain.
Even a partial carrying out of this far-flung plan is bound seriously to affect our whole export business. You have seen how this self-contained idea may work abroad. Go back to England and you find it forecasting an agricultural revolution that may be one of the after-war miracles. For many years England has raised about twenty per cent of her wheat supplies.
A tax on retail purchases has much to be said in its favour, but against it is the inequity inseparable from the impossibility of graduating it according to the ability of the taxpayer to bear the burden; and a general tariff on imported goods, though it would be welcomed by the many Protectionists in our midst, can hardly be considered as a practical fiscal weapon at a time when the need for food, raw material, and all the equipment of industry will make it necessary to import as rapidly and as cheaply as possible in order to promote our after-war recovery.
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