the House to see that Mr Gladstone’s previous deficits are cleared off. Mr Gladstone must put the finances in the condition in which they were when he took office. We do not presume he will venture to continue his practice of forestalling the revenue payments; but he has to refund the two millions which he abstracted from the balances in the Exchequer in the two years subsequent to March 1860, and he has also to pay off about half a million sterling which has been added to the National Debt during his present term of office. Let him do these things first; and then we will see how much he has to spare for promoting the introduction of cigars for the million! Let us clear off our past deficits, before, under the leadership of this financial sophist, we plunge into others that we know not of. The past month has furnished a most singular proof of the want of sagacity which has characterised the commercial policy of the Whigs since 1847. On coming into office at that time, their only thought was, how to rival Sir R. Peel in his highly popular reforms of the tariff. Unable to equal him in administrative sagacity, they simply travestied his policy by carrying it to excess. They abolished or reduced customs-duties, and totally relinquished the Navigation Laws, without a thought of how the country would fare in its future commercial relations with other countries. Again and again they were warned that they were rashly and foolishly relinquishing a valuable vantage-ground without even attempting to obtain those advantages for our commerce which other countries would be willing to cede in return. What has been the consequence? The ‘Magazine’ has so often in former years predicted what would be the result, that we need not now go over the old ground. Fortunately the Under-Secretary for Foreign Affairs has told the tale of Ministerial failure so well, that his speech on Feb. 17, in answer to Mr Fitzgerald, completely substantiates the correctness of our old predictions. We print it here as furnishing ample matter for reflection to politicians on both sides of the House:—