Memorandum from WSC to Sir Otto Niemeyer [Controller of Finance, Treasury] marked "Private & Personal To be returned" on subjects including: conversion; the addition of £37 million to the national debt; contrast to the freedom from debt in Germany and France; and WSC's view that the Treasury will be criticised for favouring a 'rentier' class over 'social, moral or manufacturing' interests. He ends by asking Niemeyer to prepare proposals for using forced loans and government bonds as part of taxation to reduce the debt.Typescript with manuscript amendments by WSC, signed with initials.