"I agree with the Right Hon. gentleman that great sacrifices should be made to keep the expenses of the year within the finances of the year it is absurd in the present condition of modern invention, in face of the expenditure made by foreign countries on borrowed money, for us to expect, if we insist on never using borrowed money for these purposes, that we shall not gravely imperil the national well-being under the illusion that we are carrying out a scheme of national economy."
For the second year in succession the proposals made in the yearly statement passed on to the statute book without difficulty or delay. The Finance Bill was read a third time in the Commons on 13th June, and in the House of Lords on the 21st of that month; and the royal assent having been given on the following day the measure was finally disposed of well within two months of its introduction.
FROM the financial point of view the year 1906-7 had been in many ways a year of surprises, but there had been nothing in it more surprising than that the balance to the credit of the national revenue account should have been found, when that account was closed on the 31st March, 1907, to be no less than £5,399,000. Once again the Exchequer issues had been under, and the Exchequer receipts over, the estimates; the former result (a minus of £3,000,000) being due mainly to savings by spending departments,