The Richmond Virginian. (Richmond, Va.) 1910-1920, 1910-03-01
HAIt NEWtEADER
IN LL0YD-GE0RGE
Asquith But Figure Head With
Chancellor Real
Ruler.
CONSIDER BUDGET IN 1911
Borrowing Policy to Be Continued
Forcing the Income Tax
Millions in Arrears.
CONSIDER BUDGET IN 1911

LONDON. March l.--Chancellor Of
the Excheques-paHaa -sE:aua-saAexxes
the former carnafon coal miner, Is
the man Of the hour" In England
to- day.
There has been no formal transfer
of the reins OF government from hauts
OF Premier AsQuith TO Lloyd George,
but there II not one who heard y~s-
terdAy's momentpus dehate In the
House of Gommons. when the Cham
fnnunderinK premier and checked the
dsSes-kaon Of the irtah Nationalist.
Who n convinced that Loyd-(3eOrge Ii
the real leader III the liberal party
and VIII henceforth be 30 recognized.
The real assumption Of the leader
ship By Lleyd-Georxe will proba bly,
come shortly after the Easter recess
when. according 70 the cenc<nsus Of
the best political opinion another gen.
eral election Will be Inevitable. This
election viii be forced hy the ex-
pected resignation OF the ministry, fol-
tewtng the Kings probable refusal
to swamp the House af Lprx1s with
enough liberal peers to insure the
passsge Of the governments House of
Lords reform measures. after their
initial rejection by the lords.
limitation OF the lords veto. their
removal from the domain OF
finance and the limitation of their
! obstructive tactics 10 the life of sin
gle parliament
Asquish Rieiicaled.
Premier Asauish was making a
sorry attempt TO explain all this and
was being made the butt Of ridicuie
by nationalist and conservatives
Ut - 81 sxt. yfsxs
into the breach. with wonderful
cleverness Lloyd-Gseorge explained just
what the government proposed to do.
He explained that Premier Asquith
meant that the restriction OF the lords
veto was the prime business OF the
session and ne promised the ministry
would resign without the Kings pledge
10 cooperate In the proposed re-
forms.
For the Chancellor Of the Exchequer
to pledge the resignation OF the minis
try rather than the Premier, was an
unprecedented spectacle and amount
ed virtually to Lloyd-George's setxing
the reins from the weak fingers OF the
Premier. The Chanceilor's bold stand
aroused the greatest enthusiasm Of
the day and when the nationalist.
who had temporarily withdrawn from
the chamber. heard Of the chancei-
lor's pledges. their attitude changed
and they decided to stand by the
Liberals program.
Budget ts0es Over.
1t Is now admitted that there viii
be no budget passed this season and
already the fanancicrs are showing
the greatest alarm. The govern
ment's continued borrowing to bridge
the financial gap caused by the lack
OF adequate revenue measures has
already greatly tightened the money
market. Uncertainty as to what the
future holds in store has seriously
affected trade. and prospects are that
I the present year will show great
falling on In commerce
YenhQi '&ete shrdlu
The income tax II already $4,000
600 in arrears.s due to the non-pas-
sage OF the budget, white there are
outsta ndtng Treasury bills to the
amount Of $fTt,tto. 900 on which the
daily iutereAt Approxtmates $1z.500.
The financial meAsures that win be
considered up To March ~. when the
Faster recess begins have really
nothing 10 do with the budget.
No budget II likely to be considered
until 1911 and when the next budget
| Is presented. another striking victory
| for the nationalists will likely he
/ scored. The next budget. In all prob
ability, will not contain the land tax
and whtskey tar increases that were
10 objectionable to the Irish