,, ON THE VERY EDGE OF BANKRUPTCY"
[To the Editor of the SPECTATOR.] SIR, —I had myself been puzzled by this phrase and had followed the same line of research for an intelligible meaning for it as did Mr. Lawrence. I looked forward therefore to the solution that would be found in your footnote to his letter.
Surely many other readers beside me were disappointed at what we found. What do we care if Mr. Lawrence is at variance with Mr. Snowden ? We have had our ears deafened with Labour leaders' quarrels for a fortnight on the wireless and in the Press. It is not Mr. Snowden's use of the phrase that troubles us—he uses many phrases—it is your use of the phrase that has startled us : will you not tell us what it stood for in your mind ? We are not accustomed to loose phrases from the Spectator, but we are honestly puzzled at this one.
—I am, Sir, &c., GEO. G. ARMSTRONG. 133 North End Road, Golders Green, London, N.W. 11.
[The phrase fairly described our position externally and internally. There was a " run " on the Bank of England and no means of paying legitimate demands from abroad : hastily raised credits were running out. At home there was no prospect of the Treasury balancing the Budget, and the Chancellor of the Exchequer has said that in November there would have been no money with which to meet oblig,a- gations due under Act of Parliament.—En. Spectator.]
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