RETROGRADE TENDENCIES.
It is interesting to recall that in the years following the conclusion of the War there was no recovery in the National Credit or in British Government stocks until there was clear evidence, first, that the Government was about to cease meeting expenditure with borrowed money and was determined to balance its Budgets. From the moment that this fact was perceived improvement commenced, and the hope was general for a time that there would be a reduction in taxation sufficient to give an impetus to saving and an impetus to industrial activity. For some few years now, however, Governments have been content to rest on their oars in the matter of further curtailing the National Expenditure. And the present Chancellor, after announcing his determination on taking office to endeavour to cut down expenditure by about £10,000,000 a year, has not only failed completely to carry out such intentions, but has often discouraged the hope that he will do more than prevent any further expansion.
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