THE RISE IN EXPENDITURE.
_ Still more important, however, is the fact that the National Expenditure, which some four years ago had shown a tendency to decline, has since steadily advanced, so that, notwithstanding a reduction in the meantime of about £40,000,000 in War Pensions, the National Expendi- ture as a whole has risen during the past four years by over £40,000,000. With the Conservative Government, therefore, on the one hand, failing to economize, and with the Labour Party, on the other hand, threatening the country with a heavy Surtax, I must confess that, so far from failing to comprehend Ithe tardiness of Government securities- to advance, one is far more impressed by the remarkable stability of all high-class investment securities in face, not only of the influences I have just mentioned, but also of the enormous creations of new capital.
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