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It looks as though 1923 may just pay its way, but if so, then, like the current year, it will make no contribution towards the reduction of the debt. So much for the "short period." Our worst difficulties are really going to be deep-seated ones. Now a national budget may consist of two parts, one of which I will call the "responsive" and the other the "non-responsive" portion.
But let the non-responsive portion be 400 million pounds, then your total budget will be 650 million pounds out of a national income of about 2000 million pounds, or 33-1/3 per cent., and every alteration in prices or what we call "improvement" in the cost of living becomes an extraordinarily serious matter as a burden upon new enterprise in the future.
So pretending to be perfectly unaware of his non-responsive attitude, she ran airily on: "Such a mad idea to travel hundreds of miles to see a few old remains of a doubtful edifice, built by Bantus! or is the plural Bantams?... I'm sure when you heard we were coming you wondered if you had better prepare a dwelling for us with padded walls.
The second, or non-responsive part, is the part that has a fixed expression in currency, and does not alter with changed conditions. This, for the most part, is the capital and interest for the public debt. Now the nature and gravity of the "long distance" problem is almost entirely a question of the proportions which these two sections bear to each other.
But Hawthwaite made no response: he was watching the Coroner, and in answer to a questioning glance he shook his head. "No more evidence," whispered Tansley to Brent, as Wellesley, dismissed, stepped down from the witness-box. "Whew! this is a queer business, and our non-responsive medical friend may come to rue his obstinacy. I wonder what old Seagrave will make of it?
If the non-responsive portion is a small percentage of the total the problem will not be important, but if it is larger, then the question must be faced seriously. Suppose, for example, that you have now a total budget of 900 million pounds, and that, in the course of time, all values are expressed at half the present currency figure.
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