Gladstone used to say that no Chancellor of the Exchequer was worth his salt who did not threaten to resign at least half a dozen times while the estimates were under review and in pre-war days there was frequently a pitched battle in the Cabinet over the precise amount of the provision to be made for the Navy. The position of Chancellor of the Exchequer is easier now, as economy is_ the' dominant factor in home politi and in his colleagues he has allies instead of opponents. He is assisted in his review of the estimates by the Finance Committee of the Cabinet and before the estimates are finally approved they have under gone the closest scrutiny.
The hope of a reduction in taxation rests equally in an improve: ment in trade with its resultant increase in revenue and on a reduction in expenditure. Unless the two factors can be combined the outlook for the taxpayer will not be bright. As has been indicated the prospects of better trade are more hopeful than they have been for a long time past and speculation is now busy as to the precise amount of saving which can be effected in expenditure. A large number of small economies have been and are being carried out in minor departments but it is from a substantial reduction in the estimates of the great spending departments that relief must mainly be sought.
Text read from the printed page and cleaned; old type leaves the occasional error.