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It has been said that the manifesto comes at an

unfor- tunate moment—when the Imperial Conference is about to consider the future development of the Empire by means of Imperial Preference. With regard to that subject we will only say that so long as Imperial Preference takes the form of reducing tariffs, and not of increasing tariffs against foreigners in order that the Dominions or Great Britain may by comparison enjoy a preference, we have no objection whatever 4i Imperial Prefeience.- Every reduction of a tariff is a step towards a greater freedom of exchange in goods; and that is exactly what the bankers and business- men desire.

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