The statement made by th Finance Minister to the Political Council of the Central Execu-_ tive Committee on the national finances of Ching up to June 80) last contains expr of hopefulness, 'That of mind to which, nioment, most custodians national finances have to lay claim if they are to be expected to preserve a steady pulse. Mr. T. V. Soong, in other passages, shows that' he is under no. illusions regarding the _prospects of justifying his expectation:
{Reasonable limitation of mili tary, expenditures, refunding of short-term indebtedness, and continuation of present revenue policies will automatically solve the problem of budget definite if internal conditions remain Budget-makers, like Dir. Micawber, must talk in terms which may be called _platitudinou The platitudes however have be placed on record. face of known cent seems unlikely that the pre mises so succinctly described will be fulfilled, the Minister is mot to be blamed for enunciating them. The heavy strain of military expenditure is eloquently reflected in the figures of his-statement. Nearly 5 per cent. of the disbursenents of the Government come. unter that head, while the: amount available for the civil administration and for bene. ficent services is just under 10) per cent. of the total. A scheme has been framed for the gradual reduction of military expenditure by June 1932 to an agreed figure of $216 millions. as against $245 millions Yor the year with which the statement deals. It ig obvious that the success of that scheme depends on the continuance of the present freedom from civil war, on* the adoption of sound measures of disbandment. and on the early ° institution of effective action to deal with the
Text read from the printed page and cleaned; old type leaves the occasional error.