3 AUGUST 1901, Page 3

In the House of Commons on Thursday, the Loan Bill

being under discussion, the Chancellor of the Exchequer made what must be considered a fairly hopeful statement in regard to the war. He declared that there was already a very considerable reduction in the weekly expenditure on the war, and he had reason to anticipate a larger reduction before long. That is very satisfactory, and we do not see any reason to suppose it to be too optimistic. In spite of the occasional mishaps, one cannot watch the daily course of the war without noticing the shrinkage in the character and area of the hostilities now proceeding. And such shrinkage means a reduction in expenditure.