A REAL TRIUMPH.
This great reduction in Debt charges undoubtedly marks a real triumph in British finance and its effects must be far-reaching. •- It is true that the rentier in some cases must experience hardship through the reduction in interest on his investments, and it is only fair to acknowledge this, because it emphasizes the necessity for the Government exercising such wise economies as shall lead to a reduction in taxation. Nevertheless it is also true that the enormous increase in our internal debt, and, until now, the high rate of interest paid on it, have proved a veritable millstone round the neck of successive Chancellors of the Exchequer. Moreover, and while fully acknowledging the great contributions of the direct taxpayer to the Exchequer, it would probably have been difficult for any Government to enforce further economies without calling for sacrifices from the rentier. With infinite skill, therefore, and along lines which have enhanced the national credit, the Government by its successive conversions has ensured a net saving in the annual charge on the Debt which cannot be far short of £40,000,000, or over, that figure if allowance is made for the saving effected for the time being on the interest rates on Treasury Bills owing to the abnormal cheapness of money.
• That every penny of this saving will be needed by the Chancellor of the Exchequer in his next Budget is only too true, but taxpayers and the whole nation may riegard this great reduction in the National Debt charge is one of the brightest features in the present situation. There are problems enough still to be faced, but the successful Debt conversions of the past year afford
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