COMING NEARER HOME.
And all the time playing, as it were, into the hands of the spendthrift is the force known as political expe- diency, so that whether it is Australia or the Home Country it is not until the dangers of the situation are fully revealed that there seems to be any hope of avoiding disaster. Therefore, I would ask to be allowed once again to emphasize what seems to be one of the great lessons to be learned from recent events in Australia—namely, that there comes a moment in the conduct of the National Finances when to force the pace in extravagance over social outlays is to behave not only imprudently but to endanger the sanctity of contracts. Australia would probably not be in her present position to-day but for certain blows of adversity for which she is not responsible, but equally those blows would not have produced present conditions by themselves. And what are we to say in the case of this country when more than a twelvemonth ago in the face of great trade depression millions were deliberately added to the National Expenditure with the inevitable result of deepening the depression and of increasing unemployment, until to-day we are again faced (Continued on page 564.)
Finance—Public and Private
(Continued from page 562.)
with Budget prospects, apPrehensions concerning which are impairing confidence and preventing financial and
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