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Excerpt from The Monetary Outlook
There is also still an enormous State Debt, including a floating debt of over a thousand millions, and the prospect of early maturity of part of the debt which is not of such short period as to be classed with the floating debt.
That these phenomena are connected with one another scarcely needs emphasis, but the nature of the connection has given rise to a certain amount of difference of opinion, and this leads to divergent views regarding the measures which should be adopted in the future. It is not irrelevant, therefore, even if our main interest is in the question what Should be done now, and in the future, to pay some attention to the way in which the present situation has arisen.
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