At the Sheffield Cutlers' Feast on Thursday, Lord Spencer made
a very important speech on the absolute necessity of keeping up the naval preponderance of England, and declared that immediate steps would be taken to fill up the gap in our naval armaments caused by the sinking of the Victoria.' His language was very firm and strong, and consequently very satisfactory. There may be nothing in the rumour that the Cabinet was divided on the subject, and that Lord Spencer had to carry his point by a threat of resignation. Gossip of this kind is almost always untrustworthy. But it is at least very satisfactory to Englishmen to know that our Navy is not to be neglected in order to make it easier for the Chancellor of the Exchequer to balance his Budget in a year of great depression. That was certainly what we had to fear.
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