26 APRIL 1913, Page 17

Mr. Austen Chamberlain, who spoke immediately after the Chancellor of

the Exchequer, commenting upon the general effect of the speech, declared that Mr. Lloyd George would make a magnificent writer of prospectuses because he was so sanguine. As to the result of the Land Value duties, he pointed out that one set of duties was intended to bring in money and the other set to catch votes, but while the votes came in at once, the money was coming in very slowly. We are glad to note that Mr. Austen Chamberlain objected to the use for revenue purposes of sums which ought to go to the Sinking Fund. Dwelling on what Mr. Lloyd George had said about expenditure on armaments, he pointed out that a policy of cheeseparing in a matter of such vital importance would be the worst kind of economy.