We may best sum up our own position M. regard'
to the Excess Profits Duty by saying that though we think the tax injurious in peace, though necessary in war, and hold that its extinction by rapid and -large reductions is imperative, we are not going to join in the unfair attacks that have been made on Mr. Austen Chamberlain. Those attacks disgust us. Mr. Chamberlain is one of the few bright spots in an incapable and reckless administration. And here we desire to give a word of advice to the opponents of the Excess Profits Duty. Let them insist in season and out of season on the cutting down of expenditure, setting their faces like flint against specious pleas for fixed profligacy. Once reduce expenditure and the excuse for destructive taxation goes. The way to avoid living on capital is to cut down spendings. There is no other cure for the disease from which the nation is suffering.
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