Foreign News: Pleasing Budget

Hugh Dalton, Labor's shy new Chancellor of the Exchequer, had quite an audience. Present in the House of Commons were three distinguished predecessors: Winston Churchill, Sir John Anderson, Viscount Simon. Ex-cabbies and miners among the new Labor Members, many of them sitting on the floor of the overcrowded House, critically eyed their man. From the packed gallery peered the Bank of England's Governor Lord Catto. To lords and cabbies, Hugh Dalton was about to open the new Socialist Government's first budget.

In method, it was like any Tory budget. But its arithmetic was drastically different, not because socialists had written it...