This figure of L113,000,000, indeed, exceeds what may reasonably be expected. The average of advances fell from L426 on the earliest agreements, to L361 on all agreements to March 31, 1908, and to L287 on agreements between that date and September 15, 1909. We may count on a continuation of that fall until the average approaches L200, the price for Connaught, where purchase has proceeded most slowly.
But let the total stand at L113,000,000. That sum neither warrants the breach of faith of which the Government and the Nationalist party have been guilty, nor does it present an insoluble problem to the resources of a united Exchequer. L41,097,939 has already been borrowed in the market, and advanced, in less than eight years.
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