The Chancellor of the Exchequer always strikes us as better
in exposition than in argument, and his reply to Sir Henry Fowler showed no exception to this rule. He persisted that tobaccocould not bear any fresh taxation. It was not a growing revenue. It is curious in view of this statement to note the bitterness of the Tobacco Trust war. Those who know most about the trade seem to regard the profit derived already from the tobacco trade as very great, and, further, are willing to engage in specula- tions which could only be justified by a belief in its expansion. As to beer the Chancellor of the Exchequer was equally obdurate. The consumption of beer was actually decreasing, and therefore it was useless to try to get another 22,500,000 out of it. The best part of the Chancellor's speech was his defence of the duty on corn from the charge that it was a Protective measure. Here, though we dislike the tax, we must admit that he completely vindicated the Government from having acted except from the perfectly legitimate desire to obtain an increase in revenue. As he pertinently said, if the tax was not Protective in Mr. Gladstone's day—which the Opposition practically admit—how could it be so now, especially as the proportion of foreign to English corn is so infinitely greater?
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