Feb, 28, anything for a long time to come. {latest anticipation is that the £474 It is much more probable that millions deficit will next year be they will want to borrow. converted into a surplus for the Another reflexion, following on, Teduction of capital debt. the one with which this article! It is true, and only fair to point began, is that any party in power,!out, that, by the statement. apin the necessary process of ward-' pearing among Tuesday's teleing off Opposition attacks, tends grams, Britain's deadweight debt to minimize evils. In trying to'has been reduced by £83,000,,000 show that things are not es bad'between December 31 last and" as they seem, it insensibly makes February 14: which is certainly Tue worst part about spending them out much better than they promising, although a good deal is that excuses, which look like' reasons, are always so easy to' (pening during the past fewiwas managed. But Ministeria] are. This has actually been hap- depends on how the reduction find. No fair-minded man will' months. On August 27 Mr. Lloyd calculations seem to allow too be hard to convince that Great!
George issued his celebrated let-! little for the unexpected. There Britain must spend in the com-! ter on the absolute necessity of' will be no need for new taxes next ing year 125 millions on her cutting down departmental statis.! Year, we are told, unless—. How Amny indeed she will probably "The time has come", he wrote, much may not have to be provid-be lucky if she does not have to}' "when each Minister ought to! ed for under that ominous word? spend a great deal more before make it clear to those under his'The vote to increase old age pen-the year is done. And an equally control that if they cannot reduce' sions to ten shillings a week adds good case can be-made out for expenditure they must make! another ten millions to expendi-Navy estimates far in advance of room for somebody who can, That|ture. 'The Unemployment Insur-the biggest known before the war. is the public temper and it is ance scheme must add nobody But, then, no doubt every Govern-right."" Very shortly afterwards' knows how much more. We are ment department could put up appeared the Chancellor of the' preparing to lend a further sum equally convincing reasons for Exchequer's White Paper warn-'of anything up to ten millions to the amount it is costing the ing the nation of its serious finan-central Europe. And there ig nation, until it begins to appear cial plight and revealing a deficit the threat of Bolshevism in Asia that there is no possibility of on the year of the fearful amount) which may entail further large reducing expenditure, even if we of £474 millions. No wonder that! military expenditure. In the most ought not to agree to increas-when Parliament reassembled on favourable circumstances the ing it. Meanwhile as industrial production is seriously hampered October 22, Sir Donald Maclean country i is told to expect " Budget the Liberal, and Mr. Adameon, for a "'normal"' year of over eight by the enormous rise in the wage: the Labour leader, both set down hundred millions, which inevit-bill all round, the prospects of motions for sweeping economies.! ably means high cost of living, Britain's getting out of debt with-Thereupon the Ministerial tone) higher wages to meet it, more in the next century or so are not began to change. The Govern-checks on production—all the old bright: and the deadweight ment riposted en its critics by al vicious circle. It is not surpris-amount of that debt, we have late-motion of its own, '"'that the/ing that Parliament runs here ly been told, is £7,913 millions, House promises its hearty sup-jand there for meat and catches at including £985 millions due to port in all reasonable proposals,|one impracticable scheme after America and £150 millions to all however drastic, for the reduction another, to cut down our me other foreign countries. It is true that our Allies owe us, on of expenditure, and the diminu-/debtedness at one fell swoop. In tion of debt and the Chancellor! private life the death of a rich account of the war, nearly twelve of the Exchequer (his White} uncle may set a spendthrift on his hundred millions, and_ there is Paper only two days old) was at)legs again. In the life of nations money due from the Dominions, pains to show that while the posi-there is no such cure. There is which, if paid up, would wipe out tion"was grave there was no'no royal road to the magical re-all our foreign debts and leave cause for panic." There were duction of national debt, because something substantial in hand. deferred receipts which would/all attempts in that direction But £568 millions of that are due come into next year's accounts;|mean little more than taking out from Russia, the prospects of get-there were increases in pensions,|of the left-hand pocket and putting which within any measurable police grants, etc., which no one ting into the right, with injurious time are not more hopeful than would challenge; and Treasury! economic disturbance in the pro-the prospect of getting any in-control was being re-established,|cess. The only cure is to work demnity money from Germany which would put everything to/more and spend Jess; and that, and, with the best will in the rights. Since October the Chan- just now, is the remedy most dite world, our war-worn Allies are cellor seems to have been growing] ficult to apply, when the enor-not likely to be able to pay up more and more cheerful, and his! mous spendings of the past few
Text read from the printed page and cleaned; old type leaves the occasional error.