Mr. Balfour's reply was an extremely skilful piece of debating,
but contained no special announcement of policy, except the definite declaration that the Government intend to deal with old-age pensions before they go to the country. There was a great deal of sound sense, also, in his appeal that a policy should be judged as a whole, and not by snippets. " The man who thinks the Government either vigorous or weak, either determined or inconsistent, as he reads a favour- able or unfavourable telegram in the morning's newspaper is really not giving himself a chance.' As to the grant of Chinese concessions, Mr. Balfour made a remark of real moment. We had got plenty of concessions. "I have always looked with a little fear upon these enormous concessions and upon those great financial enterprises to which they necessarily give birth. I hope and believe that no abuse will occur in connection with the vast concessions which have been obtained in China, but that they will strain the financial resources of this country to carry them into effect I have no doubt whatever." That is a much needed warning. On the strength of these Chinese concessions the British investor will be induced to part with many millions of his hardly earned money. How much of it, we wonder, will even pay 1 per cent.
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