On the Fiscal question the Prime Minister said nothing to
reassure Free-traders. He accepted Mr. Morley's challenge to put his policy on a sheet of note-paper, and read out as its contents :—(1) Such alteration in our present system as would give us that freedom of action which is denied by the dogma that taxation should only be for revenue purposes. (2) Fiscal union with the Colonies after a Colonial Conference. (3) No Protection, which he defined as the raising of home prices for the sake of the home producer. On this we need only remark that No. 1 gives up the centre of the Free-trade position, and No. 2 commits him to Chamber- lainism, since he desires a Conference "unhampered by limit- ing instructions," on the lines of Mr. Chamberlain's Preston speech. No. 3 is a pious opinion, and is quite consistent with Protection in practice. By way of comment on Mr. Balfour's speech, North Dorset, held by the Conservatives in 1892 and 1900 by majorities of 525 and 540 (in 1895 Mr. Wingfield-Digby was returned unopposed), has been captured for the Liberals and for Free-trade—for that was the main issue before the electors—by a handsome majority of 909 the figures being : Mr. A. W. Wills, 4,239; Sir Randoli Baker, 3,330.
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