27 MARCH 1886, Page 2

Mr. Chamberlain was, fortunately, in his most reasonable mood. He

recovers his belief in political economy, as some men do in Christianity, by fits and starts. He "agreed with everybody," he said, but he made a Conservative speech. He thought there should be a division of rates between owner and occupier, and was disinclined, in the present state of opinion, to make it wholly prospective. He was in favour of altering the law as to the rating of great houses, but could not agree that their cost should be the basis of assessment, as in that case such houses as Blenheim must be either pulled down, to the injury of " the glory and tradition of the country," or reserved for excessively wealthy men. He desired that all classes of property should be rated as well as taxed ; but in America the rating of pictures, libraries, and so on, had failed. He bad once been inclined to a local Income-tax, bat was now convinced that it was impracticable. He be- lieved, however, that a tax could be found which would include personal property, and that this might be made available in relief of local taxation. The speech, though discursive, and in one or two places almost contradictory—for, as far as we sees Mr. Chamberlain fights State subventions, and then promises a big one—made a markedly favourable impression.