He was as usual much interested in matters of cost. Irving talked with him very freely, and amongst other things mentioned the increasing expenses of working a theatre, especially with regard to the salaries of actors which had, he said, almost been doubled of late years. Gladstone seemed instantly struck with this. When Irving had gone to change his dress, Gladstone said to me suddenly: “You told me, I think, that you are Chancellor of the Exchequer here.” “Yes!” I said. “As in your own case, Mr. Gladstone, that is one of my functions!” “Then would you mind answering me a few questions?” On my giving a hearty acquiescence he began to inquire exhaustively with regard to different classes of actors and others, and seemed to be weighing in his mind the relative advances. In fact his queries covered the whole ground, for now and again he asked as to the quality of materials used. I knew he was omnivorous with regard to finance, but to-night I was something surprised at the magnitude and persistence of his interests. The reason came shortly. Three days after the visit, 28th February, Sir Henry Meysey-Thompson, M.P. for Handsworth, voiced in the House the wishes then floating of the Bi-Metallists for an International Monetary Conference. Mr. Gladstone replied to him in a great speech, the immediate effect of which was to relegate the matter to the Greek Kalends. In this speech he began with the standard of value, and by figures arrived at gold as the least variable standard. Then he went on to the values and change of various commodities, leading him to what he called “the greatest commodity of the world—human labour.” This he broadly differentiated into three classes of work which were dependent on ordinary trade laws and conditions, and of a more limited class which seemed to illustrate the natural changes of the laws of value, inasmuch as the earners were not influenced to any degree by the course of events or the cost of materials. This, broadly speaking, was his sequence of ideas. When he had got so far he said: “Take also the limited class about whom I happened to hear the other day—the theatrical profession. I have it on unquestionable authority that the ordinary payments received by actors and actresses have risen largely.” With his keen instinct for both finance and argument he had seized at once on Irving’s remark about the increase of salaries, recognising on the instant its suitability as an illustration in the setting forth of his views. And I doubt if he could have found any other class of wage-earning so isolated from commercial changes. V Irving told me of an interesting conversation which he had in those days with Lord Randolph Churchill in which the latter mentioned Gladstone in a striking way. Answering a query following on some previous remark, he said: “The fact is we are all afraid of him!” “How is that—and why?” asked Irving.