When will that election come? There is now a growing opinion that it will be somewhere abort the middle of next yenr. Last night Mr. Chamberlain was entertained at din mor by a number of Welsh peers and what few Welsh Union-members there are in the House of Commons; and in the course of his speech he announced that in a few weeks the first part of the report of his Tariff Commission—that dealing with the iron and steel industries—would be published. This report will, Mr. Chamberlain says, show how serious a calamity threatens those industries unless something is done. It is clear therefore that Mr, Chamberlain is prossing matters on, It is pointed out, however, that this year's Budget not only did nothing to help Mr. Chamberlain's cause, but was of a kind which could not hope to earn popularity. It is suggested, therefore, that Mr. Austen Chamberlain will introdtico one more Builget before the appeal to the country is made. And it will be a popular Budget. There will be a reduction in the army estimates under the new army scheme, and a reduction of the navy estimates, for which a reason will be found in the practical destruction of the Russian navy; and it is hoped that revival of trade will further assist Mr. Chamberlain junior in remitting taxation. On the other hand, if trade does not that will provide Mr. Chamberlain with an additional argument favour of " change in our fiscal policy.
Text read from the printed page and cleaned; old type leaves the occasional error.