Mr. Snowden then spoke of his plans for converting the
5 per cent. War Loan on which comment is made in our finance columns. Mr. Graham opened the criticism but it was party criticism rather than financial. Mr. Snowden had made the Opposition wince by announcing that nine-tenths of the items under which economies are proposed were adopted and approved by the late Government. Mr. Runciman argued powerfully on the vital necessity of maintaining sterling and defended the thousands of millions of pounds .in poor persons' savings from the inflation at which the policy of the Opposition aims indirectly. Though a sound tree trader at heart, he was inclined in the present straits to prohibit the importation of luxuries to correct the balance of trade. Mr. Pethick-Lawrence denied that the Budget would equalize the sacrifices demanded and made some foolish remarks, which we should not have expected from an ex-Financial Secretary to the Treasury, about domination by foreign finance.
