FINANCIAL NOTES.
The Chancellor of the Exchequer was probably wise to discourage in advance any premature hopes of an early reduction in taxation. Indeed, a fortnight ago in these columns I pointed out the rather serious prospects for the next financial year and suggested that now was the moment for those concerned in the cause of National Economy to press for further reduction in the National Expenditure. In that respect Mr. Neville Chamberlain's speech at Birmingham was a little disappointing because, while it is true, as he pointed out, that the largest item of expenditure—namely, Debt Service—is beyond control until- an opportune time for conversion arrives, there are many directions in Civil Service expenditure where there is room for drastic curtailment. It may be doubted very much, first, whether the country can afford the amount that- is spent on education, and, second, whether for the amount expended we are
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