For the first time in the five-year history of the Irish Free State, President William T. Cosgrave was able to announce, last week, that State expenditures have been, for a whole year, less than State income.

"There is cause for optimism!" cried Mr. Cosgrave, proudly revealing that while the national debt of the U. S. is $160 per citizen, that of France $456, and that of England $814, the shrewd citizens of the Irish Free State are nationally in debt but $35 each, or $104,000,000 in toto.

After boasting that the unfavorable Irish trade balance is steadily declining, and that Irish...

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