Throughout a large section of the Unionist party the transfer
of the Standard to the Protectionist side has pro- duced a sense of annoyance, and of annoyance deepening into resentment and indignation, even though such resentment and indignation may not be strictly reasonable. Men feel that the saner and more moderate Conservative elements in the nation have been deprived of their one remaining repre- sentative in the London daily Press. The Conservative business man, the Conservative landowner, the Conservative professional man, the Conservative Churchman, who are Con- servative in the true sense—that is, in the sense of the late Lord Salisbury and of Mr. W. H. Smith, and not in the sense of Mr. Chaplin 'or Mr. Chamberlain—feel that they have now no daily organ. That such a condition of things can continue indefinitely we do not believe, for we are con- vinced that there is a great body of serious and moderate Conservative opinion left in the country, and that sooner or later this body of opinion will again find fitting representation in the daily Press. The reign of Mr. Chamberlain and his henchmen in the Press, as in the country, will not last for ever. Meantime the sale of the Standard, coupled with such events as the eclipse of Mr. Balfour at the Southampton Con- ference, and the endorsement of the candidature of Sir John Cockburn by Mr. Chamberlain, the local Conservative Associa- tion, and the Unionist Press, without any effective protest from headquarters, shows to what a condition the Unionist party has been reduced by eighteen months of " hustling " and Tariff Reform. When Parliament met last February we ventured to represent the shade of Lord Salisbury addressing, Mr. Balfour in the words of Augustus : "Varus, Varus, give me back my legions ! " If the parallel was sound then, what is it now P Bank Rate, 3 per cent.
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