completely at variance with Cobden’s doctrines than these ideas. His scheme of policy was in fact faulty, because it was based on enriching a plutocracy, which, however, has not used its wealth for the purposes he had in view. It has, on the contrary, spent its resources in imitating and reproducing the worst qualities of the old feudal nobility, whose power Cobden desired to destroy. As the result of his policy, and the triumph of that part of it which accumulated wealth in the hands of the manufacturing classes, the country had a House of Commons in 1865, which was as much opposed to Reform as the House of Lords in 1832. For Cobden the irony of fate could hardly have been more cruel. The financial statement of the year was preceded by motions in the House of Commons, for the purpose of obtaining a Parliamentary pledge for the remission of certain duties, which were considered a blot on the fiscal system. One was the Malt Tax, for the repeal or modification of which a desultory agitation had been promoted by the Tories for some years in the agricultural districts. The other motion was in favour of a further reduction of the duties on Fire Insurance. Though the Anti-Malt Tax agitators were beaten, the opponents of the Fire Insurance duties prevailed against the Government. The public had been informed by the Royal Speech that the receipts of the revenue had come up to the estimates; but this information rather understated the fact. The prosperity of the finances, in truth, had exceeded the most sanguine calculations of the Chancellor of the Exchequer. Remissions of taxation were consequently looked for, and speculation was busy with conjectures as to the quarter in which reductions would be proposed. The 27th of April was appointed for the financial statement, and on that day Mr. Gladstone presented his accounts and his plans. He had raised a larger revenue than had ever been raised in England by taxation at any period, whether of peace or war. In 1864-65 the actual expenditure had been £66,462,000, being £611,000 less than the estimate. Comparing the expenditure of the year with the revenue, he found that there was an apparent surplus of £3,231,000. The estimated revenue had been £66,128,000, whereas the actual revenue was £70,313,000. It had been expected that there would be a total loss on the year of £3,080,000, whereas there had been altogether a gain of £147,000. This showed how the prosperity of the country was advancing by leaps and bounds. Coming to the estimate of the income and expenditure of the ensuing year, Mr. Gladstone said he had to provide for an expenditure of £66,139,000, while he estimated the revenue at £70,170,000. This showed, on the basis of existing taxation, a surplus of £4,031,000. That surplus, he stated, he would dispose of as follows:--He proposed to equalise the stamp duty on scrip certificates and receipts in the case of English and Foreign transactions. The stamp on agreements for letting houses would be