The chief event of the debate was admittedly the speech
of Sir Oswald Mosley. It was delivered with perfect clearness and with faultless taste—a new development in Sir Oswald's career—and proved above all things his unremitting application to his subject. We have several times mentioned the short-term and long-term schemes alleged to be in his memorandum and we know now that the current reports as to their character were correct. The worst features of the Mosley policy are the immense loan, the revolutionary ideas on banking, and the writing off of export trade -as or lesS importance than home trade.' Mr. Thomas ridiculed these proposals —particularly the suggestion that. 110,000,000 would be enough to employ eight hundred thousand men— and declared that the Cabinet had rejected them purely on their merits and not in thd least through any unwillingness to believe that financial daring might be justifiable. In the division only five Labour rebels voted against the Government, Sir Oswald himself voted with the Government and the Liberals abstained.
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