OUR LONDON LETTER.

Auckland Star, Volume XVIII, Issue 67, 21 March 1887, Page 2

OUR LONDON LETTER.

[Per r.m.s. Doric]

Tun Doric brings a day's later news than tho Kan Francisco mail.

Our London correspondent, writing O p January 27th, says :— The second session of the Twelfth Parliament of Queen Victoria was opened yesterday without any fueg Or ccromony, by Royal Commission. , "jhe reading of the Queen's speech, whieri haa practically been forestalled, by the morning papers, attracted little notice, but,the pro! coedings later in the day woro of the highest interost.

Prior to the moving of the address in tha Houeo of Commons, Lord Randolph Churchill roso to give an explanation of tho circumstances which led to his resignation in December last. Contrary to expectation! the late Chancellor's speech was of tha c vlmcisti, plainest and most straightforward character, and made a profound impression on the House. "It V/as"—his lDtdshlp said—"impossible for him tq usefully retain office aa Chancellor of Exche<jU9r in a Government in whose policy effective retrenchment found: no promjnent place. The amount of the eßtiimtaj which wove presented to me by the two da«: partrnentj exceeded thirty-one millions for the. coming year, for the. support of the army and navy." That, as Lord Randolph Churchill proceeded to point out, exceeds by six millions the average outlay in the ten years from ,1874 to 1884. In 1885 Mi- GladY stone's Government made neceasary aaa1 propor, but strictly temporary, provision for the imminent danger oi war with Russia! In ISSt) tho Liberal Ministry was practically bound by tho Estimates of its predecessors. But Lord Randolph Churchill will find very ' gonoral concurrenceinhis view that the time for retrenchment has arrivod, especially as before his resignation lie had reluctantly, consented to Supplementary Estimates of throe hundred thousand pounds for this navy, close upon half a million for tba army, and anothor half million for expenses connected with the a*my Ja Egypt. "An increase of six millions," says Lord Uandolph—" a audden jump in a tiuic of poaco of six millions on your military and navul expenditure means threepence on the income tax.'1 The income tax, as we all know, is now at eightpenco in the pound, and we may say of this impost as a certain famous resolution said ot the power of the Crown, that" it has increased, is increasing; and ought to be diminished." Mr Smith and Lord Oeorgo Hamilton declined to make any reduction whatever, add they were sup' ported in their refusal by the Prime Minister; Lord Kandolph proseed lor a million, but as bo patheiically declared, if the worst had como to tho worst, ho would have beeS satisfied with half that sum. We needilot follow Lord Kandolph into all the detail^ of his financial criticisms. He referred solemnly to pledges in favour of retrench: ment which ho had given in the country;: and asked if he was not to be bound b£ them. :J