7 MAY 1904, Page 2

But though we think the censures poured on Mr. McKenna

for his speech have been very greatly exaggerated, we are inclined on the whole to agree with Lord Hugh Cecil in thinking that it would have been better if Mr. McKenna had, in the first place written a private latter to the Chancellor of the Exchequer drawing his attention to the matter. With. Lord Hugh's general contention that the Budget was " a pure Free-trade Budget " we are in complete agreement. For ourselves, we do not desire to see the discussion kept up on points of detail, but want a precise statement from the Government in regard to Mr. Chamberlain's fiscal policy. That is the fiscal problem of the hour, and on that matter the country has a right to know Mr. Balfour's opinion.