3 JANUARY 1914, Page 10

At all events, we are sure that he will stick

to his guns and his ships, and not tamely submit to have the Navy Estimates reduced because a atateliman who always has his ear to the ground has become convinced that for the moment the voters are not in a spending mood and are feeling the burden of big armaments. No doubt behind all this is the fact that the Chancellor of the Exchequer has got the finances Into a terrible condition of entanglement, and finds cutting down the Navy Estimates to be the easiest way out. He proposes to resign our command of the sea to cover up the traces of his profligate finance.