WAR LOAN HOLDERS.
Needless to say that both of the foregoing stories are imaginary, and I trust that readers of the Spectator will forgive their style and triviality which are designed merely by way of comment on a statement inter- jected in the House of Commons last Monday night by the Secretary_ of State for War. The occasion was the dis- cussion of the Unemployment Insurance Bill, and in the course of his remarks, Mr. Shaw said :- " Under Mr. Lloyd George's aovernment and under every other' Government a policy had been pursued which had led this country into paying at least £100,000,000 a year to people who had not the slightest right to it. During the War we had money lent to us at inflated rates ; we adopted after the War a financial policy of deflation, and now we were paying interest on the deflated money. That was a fact that had- to be faced before this country could be put on its feet again. We had produced a rentier State and we were paying through tlie nose. -If hon. members wanted a Council of State there was a thing to start considering at once. That was one of the things hat might be considered in the reviving of industry."
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