12 JANUARY 1924, Page 1

The chief impression produced upon us by Mr. MaeDonald's speech,

is that it was noticeably cautious and moderate. Evidently he knows that if he wants to achieve anything—and he distinctly declared that it was his purpose to put nation above party, and to achieve sonzething for the general welfare—he _must not provoke unnecessary enmity. After all, he will rule on sufferance. 53 We are glad that he spoke, and apparently menus to act, in this sense, for we are strongly of opinion that it would be possible for a Labour Government to carry out a most important programme - which would have the assent of both Unionists and Liberals. Such a programme is easily conceivable, and if Mr. MacDonald really means what he says, he will leave Socialism severely. alone for the present. For instance, the most crying evil of the day—unemployment—remains with us, and it could be enormously relieved by means of works of national utility (in the forefront of which we place the construction and improvement of roads), with the help of a loan.