The sensitiveness of opinion here was curiously demon- strated on
the London Stock Exchange on Wednesday when there was a sharp upward rise in all prices under the influence of political rumours of very little substance. It was wildly said that the leaders of the Parties had agreed to form a Three-Party Coalition, that Mr. Snowden would retire, that an all-round 10 per cent. protective tariff would be introduced. The least incredible of these rumours is that about the 10 per cent. tariff. Even Free Tradet; who have made their doctrine a religion —and by this mistake served their doctrine very badly— have never disputed the propriety of tariffs for revenue when revenue was lacking. It is very likely that if there is a plain danger of a heavy deficit in the next Budget Labour and Liberals in conjunction will prefer a fixed all-round tariff for revenue to any so-called scientific tariff which puts a premium on skilful and persistent pleading by the industries and encourages every sort of log-rolling.
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