" ON THE VERY EDGE OF BANKRUPTCY'.'
[To the Editor of the SPECTATOR.] SIR,—Replying to Mr. Armstrong you give three justifications of the phrase " on the very edge of bankruptcy " as applied to the nation. First the run on the Bank of England. But are you really contending that the Bank of England is or was " on the very edge of bankruptcy " ? If so, I think the
shareholders will have something very unpleasant to say to you. Secondly, that the Budget was not expected to balance. This is a most undesirable thing in normal times : but during the War the Budget was only balanced by borrowing thousands of millions, and yet the country was not bankrupt. Thirdly, you again quote the Chancellor of the Exchequer. I do not know to what Mr. Snowden referred ; but the facts are that the people of this country possess abundant wealth here and abroad to meet all the obligations of the country as a whole and a nation cannot be bankrupt as long as this is the case.—
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