30 JULY 1904, Page 13

Licensing Bill P

In my opinion, and I have had some experience of many different sides of the question, it is a valuable temperance measure. This, however, is only a matter of opinion. I wish to call your attention to a point which is susceptible of undoubted proof. You, Sir, have frequently stated that the Bill confers a valuable gift upon the brewers, turns an annual license into a freehold or something of that sort. If this were so, the fact

would be instantly reflected in the Stock Exchange prices of brewery shares. A brief consultation of any Stock Exchange lists will show that no large and general advance in the price of these shares has followed upon the introduction of the Bill.