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 cannot face, or when they, or the public opinion of the nation, would begin to think about considering the question of doing anything else but meeting the interest punctually and in full.

2. If the proposal for a levy on capital should ever be revived, we may be sure that the Government, in order to maintain its own credit and borrowing power, will see that holders of Government debt will not be worse, but if anything better, treated than owners of any other kind of property.

3. England has shown and still shows that she possesses stores of economic strength that escape calculation and only appear when an emergency arises.

4. In the summer of 1925, when our trade had been suffering from severe depression and we were supporting over a million and a quarter of unemployed and their families, and when we were repeatedly told that the country was groaning under the weight of taxation, the spending power of all classes of the community appeared to be quite unaffected; sleeping-cars to Scotland for the opening of the grouse season were booked in advance by the railways to an unprecedented extent; and Lancashire operatives, after years of depression and short time in the cotton trade, spent more than twice