15 JULY 1865, Page 1

Mr. Disraeli made a great speech on his election for

Bucking- hamshire on Thursday, which was chiefly directed against Mr. Gladstone, and intended to prove that his finance was neither original nor peculiarly successful. He pointed out truly enough that the last year of Tory rule, 1858-9, was the last year of economical expenditure, but he forget to explain that the Tory Government prepared all the estimates for the year 1859-60, and prepared them on the new scale of greatly increased expenditure which the reconstruction of the navy rendered necessary. It was no

blame to them to have done so, but it is scarcely fair dealing to represent that the Liberals inaugurated a change of policy which was due indeed to the country, but first initiated by a Tory admin- istration. Mr. D:sraeli stated that he had been entirely favourableto the French Treaty of Commerce, but if so, the course of the leader of Opposition and the course of the whole Opposition upon it certainly gave a false impression to England at large. He states that the income-tax was never so low as under his administration in 1858 till this year, which is true, but he forgets that he reduced it so low while other and more objectionable duties were high, and at the cost of renewing bonds which he ought strictly speaking to have paid off. In short Mr. Disraeli made a very clever special case for equality as a financier with Mr. Glad- stone, but not one that anybody who has really studied the matter —not even his Conservative friend Sir Stafford Northcote—would admit.