The Chancellor of the Exchequer, who wound up the debate
declared himself in complete agreement with the Colonial Secretary. On a division the Bill was carried by a majority of 170 (291 to 121). In our view the criticism aimed at the financial policy of the Government has not been sound. We are fully alive to the importance of not making things too easy by borrowing and also of keeping a most vigilant watch on the increase of expenditure, but the time for urging considera- tions of this sort most effectively will come when the wax is over and when the country knows exactly where it stands financially. Then it will be essential for all supporters of sound finance to see that enough revenue is raised to re-estab- lish a Sinking Fund. We hold it sound finance to borrow in time of war, but we also hold it essential that in time of peace a reasonable effort should be made to pay off debt. That is a form of equalisation to which it is most important to adhere.
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