UNNECESSARY WASTE.
I think it would be impossible to over-estimate the importance of this pronouncement with regard to the ill-effects of excessive and ill-directed National Expen- diture. Real and necessary outlays, even of a social character, can escape criticism, for in the best sense of the word they may constitute real economy. It is another matter, however, when all political parties make in rapid succession bribes to the proletariat irres- pective of the effect on industry, • and then find that when the pledges have to be carried into effect all kinds of remedial measures have to be adopted to counteract the results which follow. It would be hard, indeed, to over-estimate the waste which has been effected by this constant conflict between economic necessities and political expediency during the past decade.
ARTHUR W. KIDDY. - (For Financial Notes see page viii.)
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