The Chancellor of the Exchequer on Tuesday warned the House
of Commons and the country that, "so long as we were raising by loan the money we were spending on the war, we were living in a false atmosphere." The difficulties of the situation would only be realized when pace returned. Meanwhile he was trying to finance the war in such a way as would do the least harm- to. the country after the war. He would have liked, if it were possible, to raise much more of the expenditure out of revenue. Mr., Boner Law went on to repeat his argument that if industry were taxed unduly, it would have no surplus to invest in War Loana• Yet we cannot believe that the limit of wise and profitable taxation. has yet been-nearly reached, and the recent reductions of indirect taxes ill accord with the Chancellor's avowed belief that we should pay our way as far as possible.
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