3 JULY 1920, Page 32

The London Joint City and Midland Bank in their Monthly

Review for June have reprinted Mr. McKenna's important address on " The Taxable Capacity of the Nation," which he put at not more than £1,000,000,000 a year, though the Govern- ment are raising £116,000,000 in excess of that vast amount this year and propose in a full year to exceed Mr. McKenna's maxi- mum by £238,000,000. We hope that Mr. 'McKenna's address will be widely circulated, for, as we point out elsewhere, the first step towards economy is to realize that our expenditure cannot be increased indefinitely, and that the limit of safety has been reached and passed.