For the time being there is every likelihood of the
Government being given a new lease of power after the election. The Perth by-election further confirmed the belief that Labour is not substantially improving its position on its peak figure of 1929. In spite of the absence of an independent Liberal candidate in a constitu- ency where the Liberals have always presented the real challenge to the Conservatives, the Labour candidate polled actually fewer votes than in the three-cornered fight of 1929. dt is clear that first the gravity of the European situation and now the popularity of the Budget have arrested the decline in Government stock. It is widely believed that if the Government went to the country now they would return with a majority of at least a hundred and possibly a hundred and fifty.
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