18 NOVEMBER 1922, Page 3

Mr. Stanley Baldwin, the new Chancellor of the Ex- chequer,

speaking at Newcastle last Saturday, was distinctly encouraging. He said that he was " quietly confident " of the future and was certain that the Government would be able to cut down expenditure and to give " material relief to the over-burdened tax- payer." He thought that though better times were coming it was doubtful whether we should see prices much lower. He appealed, therefore, to all employers to give out any work involving capital expenditure as soon as possible and not to hold it up for lower prices and better times. The Government, he declared, were going to make the phrase " Empire Development " live.