be re-established in Manchester at the expense of the Indian taxpayer. If the Indian Government had any better reason than this for their partial repeal of the Cotton Duties, it is a pity that they did not communicate it to the world. The reason which they did condescend to give was simply this--that the finances of the Empire were so heavily embarrassed, and in such confusion, that it was a matter of no consequence if they become still further involved to the extent of £200,000. I give the actual words, that I may not be suspected of caricaturing the Government:-- "The difficulties caused by the increased loss by exchange are great, but they will not practically be aggravated to an appreciable extent by the loss of £200,000. If the fresh fall in the exchange should prove to be temporary, such a loss will possess slight importance. If, on the other hand, the loss by exchange does not diminish ... it will become necessary to take measures of a most serious nature for the improvement of the financial position; but the retention of the import duties on cotton goods will not thereby be rendered possible. On the contrary, such retention will become more difficult than ever." According to the Government of India, it was the peculiarity of these £200,000 to be simply an incumbrance, happen what might. If the exchange did _not_ fall, they were reduced to insignificance; if it did fall, their retention became more difficult than ever. The reader will not be surprised to learn that these enigmatic propositions were not accepted in India as a sufficient justification of the act they were supposed to explain.