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We have felt bound to use such influence as we

may com- mand against the policy of rejection up till the very last moment. Our opposition to rejection is, however, purely technical, for we share to the fullest possible extent the belief that a large portion of the Finance Bill is based upon principles which, if maintained and developed, must be inimical in the highest degree to the best interests of the nation. But though we may think the tactics of the House of Lords wrong, and have felt obliged to say so, this will not prevent'us when the battle is joined from doing all that lies in our power to defeat the Budget. The fact that wrong tactics have been adopted only makes it more necessary to fight harder when once the fight has begun.

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