17 OCTOBER 1931, Page 2

We cannot possibly summarise all the political speeches of the

leaders, but it would be a mistake to think that they cancel one another out. The aggregate reasoning on behalf of the National Government is overwhelming. The Prime Minister's speech on Monday in his con- stituency was an unanswerable defence of the Govern- ment's action from the beginning of the crisis, and an admirable exposition of what inflation would mean for the poor. He also poured scorn on the fables of a " bankers' ramp," and dealt delicately with tariffs. On the same day Lord Grey of Fallodon and Mr. Runci- man spoke at the National Liberal Club. For that wisdom which comes of the right use of experience no man is more conspicuous to-day than Lord Grey, and he described most impressively the critical importance of the election and the need for unity in support of the National Government. One of Mr. Runciman's points was that the nationalization of banking here, as proposed by the Labour Party, would at once destroy all foreign faith in the City of London, and be the immediate ruin of the foreign trade by which we live.

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