San Antonio light. [volume] (San Antonio, Tex.) 1911-1993, 1926-01-31
LLOYD GEORGE
TELLS CRISIS
IN BRITAIN
Budget and Coal Mines are
Most Serious Affairs
in Prospect.
By D. LLOYD GEORGE
<Rormer Premier of Great Brittany

<Rormer Premier OF Great Brittany
LONDON. Jan. 30.-The British
Parliament is about 10 meet TO entel
upon one of its most critical sessions
Ii will be confronted with financial
nd industrial problems. Of mucl
completely and nsiderable gravity
The national budget has, for the
first time in living memory-in times
of peace-been unanswered into q
large deficit and provision must be
made TO fill the yawning gap.
A still more serious problem will
be the tangle of the coal mines. Can
the government escape from Their
subsidy? How can il do so without
precipitating the most dangerous in
dustrial conflict Of modern times:
POLITICAL CLOUDS.
These are the two subjects which,
for the moment. threaten the political
skies with gathering clouds. There
is growing discomfort. even amongst
the followers of the government, over
the way the financial and industrial
situation has been handled by them.
The disaffection is deepened by the
trade returns for last year.
II Is felt on all hands that the
Conservative government has not made
good. Its advent 10 power, with a
solid majority, was welcomed by the
trading community as a guarantee OF
the security that makes for increas-
ing business. There was general ex-
pectation not so much, perhaps, OF
a boom as of a steady improvement
in trade.
The years trading results have
dashed these hopes to the ground
Our foreign trade has slightly receded
our shipping has experienced the
worst year on record-the adverse
trading balance has widened and I'M
employment shows no improvement.
Even il the government had done
well, there would have been a general
feeling Of disappointment with its
achievement-but it has done badly in
things that matter TO business men.
II has shown a lack Of foresight.
grip and wisdom in the tackling OF
affairs crucial to the commercial and
industrial world.
FIRST-CLASS BLUNDER.
The rushing of the gold standard is
now acknowledged on all hands 70
have been a fi-st-class blunder. II
increased our imports aid diminished
our exports. It artificially diminish
ed the prices of the things we bought
BY giving a fictitious value to the
whilst, in the same way,
il increased the prices to our Gus
TONERS Of the goods we sold. 1t has
thus dealt our struggling foreign trade
a hard blow, from which it will take
some time 10 recover. The exchange
decision had all the worst defects Of
sbe Churchillian chsracter-that over
eaeerness for q personal coup which
leads 10 precipitate and rash action.
COUP is FAILURE.
The sovereign was getting on all
right. but the ambitious Chancellor
would not wait for its steady recovery.
He must needs try q leap that would
attract attention and dazzle the Or
lockers by its audacious success. He
missed the ledge and has now 70
scramble upwards with heavy deficit
on his shoulders.
What has the Chancellor Of the EK-
cbequer TO tell the House OF Commons
about his years administration Of the
national finance? When he entered
office, he Inherited a handsome sur
plus that put him in a position where
he could reduce taxation. He has in.
creased the national burdens and will
at the end of the year. find himself
with deficit estimated at 10000 900
pounds. lie can only escape fresh
taxation BY rsidinT the sinking fund
That would be sad blow to national
credit and national pride. No wonder
his stock is now lower than the
French franc.
SUBSIDY DISASTROUS.
Then the government had to liqui.
date the disastrous mining subsidy for
which they made the country liable in
July. They bought off the threat Of
trades union action by pledgiBg tbs
nation 10 an indefinite subsidy to stab
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