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In his speech on Tuesday Mr. Asquith said that he

had come forward as a candidate for Paisley because the country needed an instructed and effective Opposition. Tho House of Commons represented a passing mood. It was incapable of checking administrative folly. "In its hands we have no settled policy. but are at the mercy of an incoherent aeries of experiments and adventures." He called for economy. We must pay our way and reduce the Debt. He suggested a reduction in the coat of the Army, and the taxation of land at its market value. As for a levy on capital, he would like to know whether it could be made without discouraging thrift and without dealing unfairly with different forma of capital.

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