There had been a progressive decline in industry since the
Budget. Last month alone there had been seventy-six can- cellations of orders for big ships. That had naturally affected other industries—iron, steel, marine engineering, &c. Mr. Chamberlain's plea was that of necessity. He would not accede to the deputation's suggestion that an amendment should be made allowing the payment of Excess Profits Duty in War Loan. It is understood that the deputation strongly urged that another attempt should be made to reduce the national expenditure, as in their opinion the outlook was a very grave one. The Associa- tion of British Chambers of Commerce and the newer body, the National Association of Merchants and Manufacturers, presided over by Sir Hugh Bell, have both expressed similar views on the instant need for economy. Both are bodies whose considered opinion should carry weight.
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