At the meeting of the London County Connell on Tuesday
the Finance Committee presented their Report containing a series of recommendations for increasing control over the expenditure of the Council. That the Report contains the best proposals for the purpose we cannot undertake to say, but it is very clear that the finances of the County Council have been brought by past expenditure to a very serious position, and a remedy is urgently needed. In 1889 the expenditure was 22,600,000 ; to-day it is 29,200,000. In 1889 the capital debt was 217,500,000 ; to-day it is £48,000,000. Of course the responsibilities of the Council have been extended in all directions, but as the expenditure has become greater the control ought pari passe to have become more rigid. Yet, as Lord Midleton pointed out, the system has altered very little since Lord Rosebery established it in quite different circumstances. A disquieting symptom is that disbursements bear very little relation to estimates. Lord Midleton declared that at present almost the whole Sinking Fund was being used, not for redemption of debt, but for avoiding a fresh debt. If the Council continued to do that, they would still find themselves in 1908-9 obliged to raise by stock three millions, as well as another two millions in 1909-10. We agree that the outlook is very grave. As sound securities now yield nearly 4 per cent., the County Council can only expect to borrow money at what till lately were considered very high rate&
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