4. _Home Rule will seriously injure Ulster's material prosperity--industrial, commercial, agricultural._ The root of the evil will lie in the want of credit of an Irish Exchequer in the money markets of the world. The best financial authorities agree that if Ireland should be left to her own resources, there would be, on the present basis of taxation, and after providing for a fair Irish contribution towards Imperial defence, an annual deficit in the Irish Exchequer of L3,000,000 to L4,000,000. An Irish Government in such circumstances--consols themselves being now some L23 under par--could not borrow money at any reasonable rate of interest. Ever; if the British taxpayer were compelled to provide for the deficiency, either by an annual grant or by payment of a divorce penalty of L15,000,000 to L20,000,000, or by both, a prudent investor would fear that the annual dole might at any moment be withdrawn should, for instance, John Bull become irritated by the action of a Dublin Parliament, say, in declaring enlisting in His Majesty's forces a criminal act; or that the capital gift would soon be frittered away in the interests of agitators and their friends. He would simply refuse to invest in Irish stock. Now, a fundamental condition of commercial and industrial well-being is financial confidence. If the Public Exchequer of a country lacks confidence, it is a truism to say that consequently commercial confidence must be gravely impaired. The magnates of Lombard Street and Wall Street would view their Irish clients with unpleasant reserve. Irish bankers would in turn restrict advances to their customers, and these again would limit the credit of those with whom they transacted business. Curtailment of industrial enterprise, the shutting down of many manufacturing concerns, with consequent depreciation of buildings and plant, as well as increase of unemployment, would follow. Already, since the present Home Rule crisis has become acute, the handwriting on the wall has been made evident in the depreciation of leading Irish stocks to the extent of 15 to 20 per cent. Every one in trade would suffer from the diminution of purchasing power, capital would shrink, income and wages decrease, and the incentives to emigration, which is already depriving our population of some of its most hopeful elements, would be dangerously increased.