1 MAY 1909, Page 2

As Free-traders we approve of the general principle of the

Budget, which is to have recourse to direct rather than indirect taxation. Again, we approve of the fact that the new taxes, though they will only raise some thirteen extra millions this year, are likely to raise very much more in the future. At the same time, we cannot disguise from ourselves the fact that the new, burdens are by no means likely to make Free- trade popular in the country. They are sure to be connected in the popular mind with that great fiscal principle, and the appeal is sure to be made to the taxpayer :—" See what comes of Free-trade ! Why not try Tariff Reform ? You will find that it will relieve you just where the shoe pinches most."