CONTINUED EFFORT ESSENTIAL.
The point, therefore, which the City is disposed to emphasize is that if only the Chancellor had pursued the economy tactics still further he would have provided a most useful hedge in case the tariff duties did not come up to expectation froin the revenue-producing point of view. If his estimates were found at the end of the year to be justified, well and good, and there would be all the greater balance in hand to enable him to bring about a remission of taxation ; but if there should be disap- pointment with regard to the yield of the duties .and an anticipated Surplus should give place to a Deficit -the reaction throughout the country might be fairly serious; (Continued on page 4384.)
Finance—Public and Private (Continued from page 682.)
and certainly the hands of those opposing the tariffs• would be materially strengthened. In many respects the Budget was a courageous one and not even the most oppressed Income Tax payer has raised any serious complaint with regard to the absence of immediate relief. It is now, however, when the people as a whole are keyed up to effort, that advantage should be taken of the situation to bring about further economies in the national outlays, for they will undoubtedly be needed before the present crisis in this country has passed.
And even as regards industry itself, many consider that there is danger lest too great reliance upon the prospect of aid from tariffs should delay those reforms in some of the main industries of the country, the need for which has been apparent for years past and for which even the highest tariffs provide no adequate substitute.
ARTHUR W. KIDDY.
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