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The Chancellor of the Exchequer announces that a War Loan of £350,000,000 is to be raised, issued at £95. It will yield 3½ per cent., and is redeemable at par not later than March 1, 1928. Additional duties are imposed on tea and beer, and the income-tax is raised. No substantial recorded change on either the East or West fronts. Turkish defeated at the head of the Persian Gulf.