The contest in the Stalybridge division, where polling takes place
to-day, throws a curious light on the psychology of Tariff Reform. In West Monmouth the Unionist and Tariff Reform candidate was suspected of Home-rule pro- clivities, and, apart from the Fiscal question, on which he supported Mr. Chamberlain, adopted a thoroughgoing Radical programme. In Stalybridge Mr. Cheetham, the Liberal candi- date, who was only beaten by eighty-one votes by Mr. M. W. Ridley in 1900, is a staunch Free-trader. Mr. Travis-Clegg, the Unionist candidate, also pronounces himself a Free- trader, though with Balfourite leanings, and in his final appeal to the electors he confines his references to Fiscal Reform simply to a general approval of the projected Colonial Conference. This, however, seems enough for the Tariff Reformers, who are accordingly lending him their support. That in spite of this elasticity of view they are not without misgivings is clear from the comments of the Times special correspondent. As he puts it, "the Liberals who are avowed Free-traders will vote solid for Mr. Cheetham, what- ever Mr. Travis-Clegg may say, and the only effect of an attempt on his part to water down the Tariff Reform propa- ganda will be to alienate Conservative support which he can ill afford to lose."
Bank Rate, 3 per cent. Consols (2i per cent.) were on Friday 88}.
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