§ The CHANCELLOR of the EXCHEQUER (Mr. Churchill)
Last year I was able to announce the memorable events of the return to the gold standard and of the Widows' and earlier Old Age Pension Scheme, together with substantial reductions in direct taxation. This year lies in a smaller, a simpler, and a more sombre sphere. The attempt to help the coal industry to put its affairs on an economic basis has overshadowed and overwhelmed all other interests and claims. It remains only to consider how to balance the Budget and carry forward our financial affairs in a business-like manner. Let us, first of all, look at the general position.