We cannot find space to summarise Mr. Lloyd George's speech,
but must note two points of special importance, though they are very different in character. The first is that we never remember so conjectural a Budget. It is necessarily very largely guesswork, and it would not surprise us if the total yield of the new taxes was a million out either way. The next point is the verbal homage paid by Mr. Lloyd George to sea power. That he is sincere when he says that he is anxious to maintain our safety from invasion and to keep the com- mand of the sea we do not doubt for a moment. Mr. Lloyd George is not mad. The question, however, is not his good intentions, but whether he is not willing, through ignor- ance and optimism, that the nation shall run far greater risks than it ought to run. For this reason we are not particularly moved by what the reporters call Mr. Lloyd George's impressive references to the Navy. The Chancellor of the Exchequer spoke for more than four hours. Though we have felt bound to criticise his proposals severely, we desire to express our admira- tion of the energy and persistence with which he has prepared and presented his Budget.
