We have written in a leading article of Mr. Snowden's
proposals for the .coming year. Here we shall only record the details of his scheme, which shows great ingenuity in helping us to scramble over the difficulties of the moment, but gives no indication of any improve- ment in our economic position. No policy of retrench- ment is foreshadowed : no reduction in the burden of taxation. Mr. Snowden proclaimed before his illness sound views on economy, but evidently he has been unable to fight from his sick bed against his reckless party: Though he has secured that £9 millions, a " windfall " from the German Mobilization Loan since The Hague Conferences, should be applied to the reduction of debt outside the Budget, he has had to resort to " dodges " and unsound finance such as he, better than anyone else, would have scarified in any other holder of his office. He estimated a fall of £8 millions in the Income Tax. With similar optimism, for which we wish there were more' justification, he estimated a fall of £7' million only in Customs and Excise. He will take the last 24 millions available under the Rating Relief Suspense Account, and looks for £12 millions from the Post Office, a heavy burden on us all, but widely distributed. From these and other sources he expects a total revenue of 1768 millions,
