20 JULY 1929, Page 2

Mr. Churchill chaffed Mr. Thomas merrily. The Unionists, by derating,

had given industry assistance to the extent of £600,000,000 ; the Labour Government offered £25,000,000 of guarantees. Evidently the Trea- sury view had prevailed that State credit, short of the point where it produced inflation, did not create employ- ment. The Government were budgeting for no fewer than 1,200,000 unemployed throughout the winter. What would they have said if a Unionist Government had quietly accepted that figure ? Mr. Lloyd George cross- examined Mr. Thomas very skilfully, and discovered that he contemplated subsidising privately managed utility undertakings without bringing the expenditure under the control of the House. He described this as inexcus- able and quite unacceptable.