THE CARDINAL; NEED.
In this matter of economy in the National Expenditure, history repeats itself. For a long time previous to the. formation of the Geddes Economy . Committee in 1921 there had been much agitation for a cutting of the National Expenditure, and the Government of that day affected the same easy optimism which is being affected by Mi.). Churchill' to-day. The pressure of economic facts and public opinion became too strong for the Goyernment, and the Economy committee, of which Lord Inclicape was a. particularly vigorous member, succeeded in securing ti really substantial cut in the annual Government outlays. In the opinion of the City, therefore,. the' Chancellor Of the Exchequer would be well advised in dropping a role- more consistent with the tactics of company directors at public meetings when the shareholders are clamouring for dividends, and address himself to the true facts of the situation. The first essential for a real trade revival, and for a rise in the National Credit, is economy in the - National Expenditure, and no amount of cheery optimistii can alter that fact. ARTHUR W. lth3riY.
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