19 NOVEMBER 1881, Page 2

Mr. Goschen made a striking speech on Tuesday to the

members of the Watford Liberal Club, in which he declared the continuance of Mr. Gladstone in power to be absolutely essential to the success of our Irish policy, since no other statesman could command that unanimous British support, which measures so unpopular as coercive measures in Ireland must always be, really require. He anticipated Conservative obstruction to the reform of Parliamentary procedure ; but the constituencies must speak out, and claim for Parliament the freedom to do its work, —which at present it has not. He discussed the recent com- mercial depression, and showed that trade was already re- viving in almost every branch, though agriculture is still depressed. He pointed out that the patient for whose alarming decline so many had prescribed remedies, had suddenly risen np, and plied his arms with such sturdy strength, that the deliberating doctors were made to look very foolish. Lastly, he discussed the excess of imports over exports, and showed that it arose, first, from the gains of the English shippers and insurance offices; and secondly, from the transmission home of interest on the accumulated English capital abroad. We should, however, like to ask Mr. Goschen,

how, in his opinion, that capital gets abroad, without somethinp, like an excess of exports over imports. Is not the explanation this,—that it is not, for the most part, sent abroad at all, but saved by Englishmen abroad, out of the profits they make on their transactions with foreign peoples P