12 DECEMBER 1925, Page 3

The financial loss upon the Wembley Exhibition is now stated

to be over a million and a half pounds, or rather less than the loss made on the first year. This estimate is for a minimum loss which may be greater if the sales of the assets are disappointing. An immediate call upon the guarantors for 15s. in the £ is a matter for sympathy with many generous people. We shall all share in the burden to some extent, as the Treasury's share will be £900,000 more than the receipts from the Entertainments Tax. It is of no use to grumble now at mistakes made in 1924: the weather was the most incorrigible sinner of all. We must see to it that the educational value remains as a permanent asset, not dearly bought at the cash price now to be paid.