11 MAY 1929, Page 34


Assuming for the moment the rather improbable event of a Liberal Administration, it will be seen that the mere prospect of very large loan operations competing with existing securities must be expected to have a somewhat injurious effect upon existing stocks, and inasmuch as interest has ,to be paid on such large loans, it is difficult to see how an increase in the nation expenditure and.a further advance in taxation could be avoided, while past experience has shown that in all matters pertaining to the handling of Exchequer mone), there is a great similarity between modern Liberal and Labour finance. I say " modern Liberal because the country does not forget that there was a time when sound finance was one of the strong points of Liberal policy.