29 NOVEMBER 1930, Page 2

For the rest Mr. Baldwin repeated his promise that when

the Unionists come into power they will immed- iately put an emergency tariff on manufactured goods. Apparently it is to be a frame-work into which a more carefully thought out system of tariffs will eventually be fitted. We are glad that Mr. Baldwin spoke so strongly on the need for national economy. There has been a tendency to regard retrenchment as an old-fashioned virtue, hardly practicable in our modern world ; but old-fashioned doctrines have a habit of taking their revenge upon those who ignore them, and it seems that public opinion is already swinging back to the view that low taxation is the friend of every class because it is when taxation is low that trade flourishes most.