4 MARCH 1916, Page 2

Mr. McKenna in his speech declared that the well-to-do must

desist from expenditure on mere luxuries, and the loss wealthy must postpone till the war was over the spending of their savings on things which, though it would not be fair to call them luxuries, wore not immediately necessary. Mr. McKenna ended by the throat, a well-justified ono as we think, that in the last resort, if the nation does not economize, it will be imperative to take the money by taxation. "But that," ho added, "is not the best way."