HIGH EXPENDITURE.
On the other hand, and bearing in mind that our annual debt servite still amounts to the colossal total of £370 millions, it is rather a gloomy prospect if so far as the present generation is concerned we cannot see our way to effecting conversions on lines calculated to give more relief to the taxpayer than those which at present have been afforded. In the United States, notwith- standing great .trade activity, favourable credit and monetary conditions have enabled the Government to effect savings in the, debt charges, and that, together with other circumstances, has helped to swell the huge surpluses of the American Balance Sheets. In this 'country, however, as we know, National Expenditure during recent years has tended to increase rather than decline, and, save in certain industries connected for the most part with internal consumption, industrial depression has been almost unbroken.
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