Finally, the proposals can only result in making the societies
more political, and that will not be a change for the better. These considerations were excellently advanced during the debate by Lieut.-Commander Bower and by several other Conservatives. It is, of course, true as Captain Macmillan urged upon the other side, that there has been a great deal of exaggeration of the issues involved, which are simply whether you ought to treat a trading company practising the principle of mutuality in the same way as an ordinary Joint Stock Company. But even so the issue is an important one, and it is difficult to understand why the Cabinet allowed Mr. Chamberlain to pledge himself to the change so irretrievably in his Budget speech. Most members, even those who supported the Government out of loyalty, have not had their respect for Mr. Chamberlain's judgement increased. The Prime Minister undoubtedly made a good defence against the charge of having broken a pledge; but it is difficult to see why he and Mr. Thomas should have had to give way rather than Mr. Chamberlain.
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