GREAT BRITAIN: Pruning the Horse's Oats

The prosperity that carried Britain's Conservatives to high good health at the polls last May had itself taken on a disconcerting pallor by the time the Tories gathered at Bournemouth last week for their annual party conference. Though they called it a "victory" conference, the Conservatives were hardly in a mood for self-congratulation. Instead, they were anxious to hear from their leaders that some steps were being taken to curb Britain's worsening gold and dollar position and growing inflationary pressures, rising cost of living. The leaders obliged.

From Chancellor of the Exchequer Richard A. Butler came a promise of continued stiffening...