Th ese demands for economy persisted for years. A confi dential circular communication of 1923 "on the subject of economy" (also called "the economy letter" or "the Treasury circular on economy"), sent from the Treasury to all departments, including the board of Education, the Ministry of Labour, and the Ministry of Pensions asking for their expenditure and aggregate savings estimates, communicated that "every eff ort in economy will therefore be needed in order to balance the budget in 1924/25" (N. F. Warren Fisher, June 1, 1923, T 160/159).

Clara E. Mattei, The Capital Order, loc. 1693