We are meeting out of
revenues our total ordinary peace-time expenditures, plus our war-time expenditures, but not including assistance to Great Britain, to the extent of 79 per cent. It must thus be obvious to all that as Canada is raising in taxes three times its ordinary expenditures, every dollar raised through the victory loan is a dollar which will be directly devoted to war puxposes.
In what I have just said I have been speaking of the cash portion of the victory loan. As the house knows, we are also making a conversion offer to holders of dominion 5 per cent national service loan bonds which mature on November 15, 1941.