Mr. Snowden's Finance Mr. Snowden, - whose cool analysis of national
finance has often compelled our admiration, seems to have been thrown off his balance by his recent unhappy exploit in the House of Commons- in connexion with the Balfour Note. We find it impossible to reconcile various state- ments in his speeches. He talks, as of old, about reducing debt and thus raising national credit, but almost in the same breath he gives his support to enormously increased new taxation. On what is the revenue from this new taxation to be spent ? In spite of all Mr. Snowden's hesitated doubts, the Labour Party has said fairly and squarely that the new money is to be spent on social amelioration, which will cost, according to " familiar estimates, a sum considerably above £200,000,000 a year. Is that the way to pay off debt ? Is that the way to raise the credit of the nation ?
