NEWS OF THE WEEK.
THEdaY of reckoning is upon the Government. During the past few days the whole nation, as never before, has become aware of the extraordinary gravity of the financial situation ; yet the nation has long been in advance of the Government in its feelings about extravagance. The new and important fact which we have to record is that the Government are evidently acutely aware that if they do not pull themselves together far more than they have yet done and reduce their spending, they will have to go out of office under a black cloud of disgrace. They will be in the position of incompetent trustees who were put in to save the estate and succeeded only in bringing it to ruin. The decision of the Government to repeal Part 1 of the Agriculture Act of 1920 is, of course, the most dramatic sign of the Government panic. But there are also many other signs.
