It cannot be said that the New Year has opened altogether auspiciously. De Wet's victory at Tweefontein on Christmas Day has somewhat damped our rising hopes of an early end to the war, though the fact that he had immediatel to release his tye hundred and forty pris oners reminds us again, and must surely impress upon our enemies, the uselessness of their continued existence. At home, too, matters are not altogether cheering. Trade and general prosperity have suffered far less from the war than might have been expected; but still the fact. remains that. a Budget which was designed to produce an increase of twelve millions in the year's revenue, or a million a month, hax in nine months produced Jess than eight millions' increase; and but for some wi y of death duties the defi would have been still greater. If matters do not improve during the next three months Sir Michael Hicks Beach will have a deficit of a million and a-half, as well as fresh war charges, to provide for in the coming Budget. A little disappointment, too, of the New Year is that there has, been no honours list. The day follows too closely upon the King's birthday; and it is understood that in future the days upon which the half-yearly showers of titles; and decorations may be expected will be the 9th of November and the 26th of June—Coronation Day, and among the first Coronation batch people are looking forward to finding a Dukedom for the Prime Minister.
Text read from the printed page and cleaned; old type leaves the occasional error.