The Budget passed its third reading in the House of
commons on_ Thursday, June 25th. During the debate Mr. William Graham made an exceptionally well- informed speech, not - upon the details of the Finance Bill, but upon the importance of British credit He also uttered a warning that the debts of local authorities would raise further demands upon the Treasury unless social services were to suffer. He implied that we ought to get a much better return than we do from local expenditure. Mr. Churchill has certainly had a great success in carrying his Budget through. He claimed to have introduced Colonial Preference without imposing taxes ; to have levied no taxes except for revenue, and none upon food. Lord Hugh Cecil had nrged drastic economy and denounced restrictions, as in the Nottingham lace trade, as a means of increasing wealth. Mr. Churchill pleaded the old difficulty of economy in the face of the demands of the spending departments. * *
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