A COURAGEOUS ACKNOWLEDGEMENT.
But having pointed out the heavy responsibility which rests upon the late Government and the Chancellor of the Exchequer for tardiness in effecting the necessary economies in the National Expenditure, nothing but praise is due to the Chancellor for having manfully acknowledged the errors of the past and. for his courage and boldness in facing the problem with which the country is now confronted: In no uncertain terms Mr. Snowden , announced early his speech that " nationally we hare for some time past been living beyond our means, and living to a considerable extent upon our capital.'.' In that one sentence the Chancellor, of course; acknd‘iledged the justice of the criticism, which ha.. been made for so long in the Spectatof and in "otherjournals,"of the connexion between excessive National Expenditure and the, financial and industrial depression. In such a case there was only one course to be puiued. - Expenditure had to be drastically cut and fresh revenues had to be raised so 85 to produce a balance sheet which could challenge the judgement of the whole world.
(Continued on page 372.)
Previous page