The Week in Parliament Our Parliamentary Correspondent writes : The
Defence Loan has produced a curious reversal of the accustomed roles. The Chancellor of the Exchequer has flung orthodoxy to the winds and rejoices in the temporary support of Mr. Keynes. The Labour Party on the other hand have become the apostles of prudent finance. They are apprehensive lest the raising of 400 millions should have an inflationary effect. The objection which is most generally felt was succinctly expressed during the Committee stage by Mr. Kingsley Griffith, who pointed out that borrowing for expenditure, the object of which is exhausted or superannuated before the time for repayment has been completed, is the mark of war-time finance. The Liberals did indeed put down a series of amendments designed to shorten the period of repayment, but they were ruled out of order by the chairman.
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