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MR. GLADSTONE'S LAST FINANCIAL
PROPOSALS.
Mr. Gladstone has made, rather to the surprise
of the public, a new financial proposition. It is
only about a month since he gave us a Supplementary
Budget, and he then seemed somewhat tranquil
as to the future. He explained, indeed, that
the possibility of a deficient harvest and the
evident stagnation of trade made him unwilling to
make any additions on the favorable side to the
calculations of February. But he did not appear to
intend to make any addition of an unfavorable
kind on the contrary, he seemed confident as to
the future. He has now,' however, made the 'for;
Jo'iving propositions I- " "
1. That, towards making good, the supply
granted to Her Majesty, the Commissioners of Her
Majesty's Treasury be authorized to raise any sum
of money, not exceeding S2,000 000 sterling, by the
JsfjUQ pi' F,i{olioquer-bonds or Exchequer-bills. 2.
That the principal of all ExcheqiiorVbowls which
may he so issued shall be paid off at par at the ex.
position of any period not exceeding six years from
the date of such bonds. 3. That the interest of
such Exchequer bonds shall be payable half-yearly,
and shall be charged upon and issued out of the
Consolidated Fund of the United Kingdom, or the
growing produce thereof,"
Few persons had expected that the million of
Exchequer bonds due in November would (JO paid ;
even in February Mr. Gladstone did not profess to
provide for their repayment. He expressly acknowledged
that it was a difficulty which he postponed,
but no one expected that he would borrow
another shilling. We have on various occasions
explained to our readers what we thought of the
calculations of the original Budget, We have
shown to the best of our ability that little
reliance was to be placed on the
accessions of revenue which Mr. Gladstone
expected from the increased consumption of
the particular articles affected by the present
Budget. We will not say that they were not to be
hoped for, but we are sure they were not to be
counted on. At the same time as he was also OX'
presses] on working occasions It strong confidence in
the elasticity of the regular revenue of the country,
as shown by the experience of the first few' years,
but we have been careful to carry ow''i'eiu]oils that
this elasticity of the revenue depended on the prosperity
of the country ; am] this prosperity irony "now
be changed into adversity by a bad harvest, and
will certainly be ruptured by a late and deficient
one We think, therefore, that it is very probable
that Mr. Gladstone may want the sum which he
takes us for, It is indeed to be regretted
that, if the proposition was to. an estate,
it (lift I got ' form ' part of the Supplementary
Budget, H was time that he had harvest was not
certain when It was brought forward, but we hope
it is not certain now. It is quite possible that the
return of fine weather may again give us brighter
prospects, But if Mr, Gladstone) thought at the
time of the Supplementary Budget a' bat]' harvest
would render this inÊ.asWrd'liopossiify he should
have risking fyy it at that the'. "booming as was as
popular in a financier res change und Mai Gladstone
has. in fact, given us three calculations of the
way is no means for this year. It it true that the
money might not have been wanted. At the time
of the Supplementary Budget no one could tell
that it would, nor did anyone for certain tell now ; but
if the money in not wanted it will not be borrowed
;' and it would have been much better to
take power to borrow a month ago than to 'make
an unusual and unexpected proposal now.- -l!ro\y>}
miles. '"
ARMSTRONG GUN PBACTICI:.-Tho eflVefc of' shot
and shell from the Armstrong gun, at 1,000 yards,
has been tried on an old strongly-built (the walls
being nine feet thick) Martello tower, at Eastbourne,
in the presence of the Duke of Cambridge. The
effect was most destructive. Some of this shells
forced IhcniHolyps inside that] exploded there, and
the land face was split from' top to bottom! is all
(the bits, With the exception of five, were planted in
a space some 15 feet wide by 12 feet high, The
top of the tower, which the arched roof joins to the
front wall, was cracked like an old plate, and a portion
of the crest of the arch of the roof was also
blown away. A photograph was taken of it, It
was found that the guns required constant clean-
ing. The tower' became untenable after the first
fifty rounds. ' , ,
$