Lofting Stewardship

Empire stewardship has now been in Conservative Party hands for nearly five years. One year ago the No. 1 steward, Chancellor of the Exchequer Neville Chamberlain, closed his annual budget with a triumphant surplus of -L-31,148,000 (then $159.477,760), and reduced the basic British income tax rate from five shillings on the pound (25%) to four shillings sixpence (20%). Said hawk-nosed Mr. Chamberlain dryly, "I think the nation has finished the story of Bleak House and can begin that of Great Expectations."

Great last week were expectations when Chancellor Chamberlain closed his current budget. He more than fulfilled them. Today the Kingdom is lofting out of Depression at such a rate that the reduced income tax brought in almost exactly as much revenue as did the higher tax last year. Chancellor Chamberlain closed with a surplus of -L-7,562,000 ($36,297,600) last week--best possible "window dressing" for the general election the National Government must fight soon after the Royal Jubilee.

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