FEBRUARY WARNING.
He was the more ill-advised in doing so by reason of his own solemn warnings in the House of Commons of two months ago. On February 11th, to be precise, Mr. Snowden, during the Debate on a motion of 'Cen- sure relating to Government extravagance, said
"The Budget position is serious. It is no secret that I shall have a heavy Deficit at the end of the year. No Budget in the world could stand such an excessive strain as that which has been placed upon it by the increase of unemployment during the last twelve months. The depression has affected both sides of the Budget. Expenditure has increased, Revenue has declined."
At the close of his speech last February Mr. Snowden endeavoured to relieve the gloom by asserting that the position here was sounder than in other countries, but he said an effort was required to recover from the present temporary crisis, and he added those very grave words :-- "The effort will involve some temporary sacrifices from all. and those best able to bear them will have to make the largest sacrifices. In the general sacrifice the Members of the Cabinet are prepared to make their substantial contributions. This is problem which no one Party can solve, but the country and the House of Commons must realize the gravity of the "position."
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