28 OCTOBER 1922, Page 2

With industry in this deplorable condition, the national expenditure, he

declared, had been maintained on a reckless scale ; ,while the burden of an oppressive taxation -which stifles enterprise had exhausted the reserve of capital and hindered our natural trade develop- ment. Such a warning from a man so reticent, so unsensational, so careful, and so exact as Mr. McKenna, is one of the gravest things ever said by aresponsible states- man and deserves the closest attention of the nation.