24 FEBRUARY 1933, Page 3

Mr. Churchill pounced upon the Chancellor with effect, though Mr.

Churchill's interventions arc very much discounted by the knowledge that he considers this Government a Government to be destroyed. It was pleasant to find the Prime Minister in good form in winding up the debate, and he had much the best of an exchange with Mr. Lloyd George on the subject of the value of the Lausanne agreements. In short, Mr. Chamberlain's speech did the Government an injustice, for their policy is not nearly so negative as might be deduced from his remarks. For example, the policy of discouraging all public works is clearly at an end, and borrowing for productive purposes is no longer a totally unwelcome proposition. The Government have not made this clear a day too early. .