30 APRIL 1932, Page 32

FACING THE FACTS.

In the Morning Post of last Tuesday there was a very remarkable leader entitled " Our Backs to the Wall," and in many parts the writer admirably expresses the view which is felt in the City with regard to the financial situation and all that it entails. Just as in the early days of the Great War we failed to realize the immensity of the task, so almost every nation—with the exception. perhaps, of Belgium and France—failed to estimate the damage wrought by the War, its far-reaching character and the inevitable demands for economy and effort. It was when in the fourth year of the War the-magnitude of the task was completely grasped that the final and successful effort was put forth, and so to-day it is felt that Mr. Chamberlain's somewhat stern and exacting Budget comes as a reminder of the fact that, having regard to the world trade depression and its reper- cussions here, and also . having regard 'to the wasted years of extravagance in the National Expenditure, we are likely to feel the strain for a while longer ; the final outcome must largely depend upon the measure of (Continued on page 646) Finance—Public and Private (Continued from page 644.)

endurance and sacrifice exercised within the next year or two.