25 FEBRUARY 1911, Page 2

We may note that in the course of the discussion

Mr. Hob- house announced that before long the total cost of old-age pensions would be £12,700,000. We cannot refrain from pointing out once more that when Mr. Asquith originally introduced the Old-Age Pensions Bill he declared that the pensions would not cost more than six millions. At that time we ventured to predict that we should be lucky if we escaped with less than twice the sum ; and it has turned out that our pre- diction was correct. But it is difficult to exaggerate the incompetence (to use no stronger word) of those who are forced to admit that their estimates are just a hundred per cent. too low.