The progress of the Home-rule Bill is marked, as before,
by a considerable fall in Irish securities, including Bank of Ireland shares, which have declined from 322 to 305, and shares in the Guinness Brewery, which have fallen 12 points. One hardly sees how the latter could be much affected, as the Company is wealthy enough to escape to Burton ; but the truth is, that investors do not trust the new Parliament's financial policy. The Irish Govern- ment will need money exceedingly, if only to " regenerate " Ireland with, and will look eagerly round for new sources of supply. These new sources may seriously affect not only trade, but property, which, again, is sure to be visited with a new system of rating graduated to avoid the bulk of the voters. The Ministry, with all its profound confidence in Ireland, has refused Irishmen the power to issue paper as legal tender; but we presume the Irish Exchequer could sell to all banks the privilege of issuing unlimited paper unsecured by gold. A large sum could be raised, too, as in France, by a tax on transfers—called, of course, a stamp-tax—and this, again, might be extended to the transfers of all stocks. The mass of the voters would not greatly mind, and shareholders have comparatively no voting power.
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