explanations; but in my opinion all contingencies would be amply provided for by a margin of 1 to 2 per cent. per annum. I am now called upon to explain how this "unexceptionable security" can be brought into being, and this is of course the crux of the question. The proposal is set forth in detail in a pamphlet called the "M.B. Scheme for Agricultural Credit," which seeks to establish a central agency with capital of limited liability. Its capital is subscribed by local credit agencies in all parts of the country, which however pay up in cash only a small proportion-say, 10 per cent.-of the interest held by them, leaving an uncalled liability of, say, 90 per cent. on their holdings. This uncalled liability determines the maximum borrowing powers of the several local agencies, in excess of which the central agency would have no powers of issuing credit certificates. As the result of this limitation, the larger the demand for certificates by a local agency the larger its stake in the central agency and the larger its cash deposit. In the same way the capital of local agencies would be held by individuals, who in turn would but pay a 10 per cent, deposit on their holdings, and the uncalled 90 per cent. would limit their individual borrowing powers. It is proposed that the granting of a credit certificate to a local agency, as also of an advance to an individual under this scheme, should in itself constitute a first charge upon all the floating assets of such local agency or individual.

It is claimed that, when a network of credit agencies were established all over the country, all responsible to the extent of their shareholding in the central agency for the solvency of the fabric and all covered in like manner by the liability of their shareholders, a security is evolved which, although not perhaps in its infancy, would very quickly be recognised by bankers as unexceptionable; and it is suggested that the interval between its establishment and its recognition by the financial world should be bridged by the guarantee of credit certificates either by a Government Department or by a private group.

I have but sketched the outlines of the "M.B." scheme, and have not discussed such questions as the currency of credit certificates, the term of loans, etc., but I should be happy to do so at a later date if you, Mr. Editor, would extend to me still further your hospitality.-I am, Sir, yours, &c., Aston Bury, Stevenage, Herts.

V. A. MALCOLMSON.

tariffs, and the effect it would or might have upon the preservation of our home market for the good of our home producers. I have no intention of taking up your valuable space with arguments in favour of Tariff Reform. My object in writing is to try and draw the attention of the labouring people to the fact that their own titular party does nothing to encourage discussion on the merits or demerits of Tariff Reform versus what is called "Free Trade." I personally know working men-and I know of many more-who take the keenest interest in this question, and who would welcome free discussion in their unions between expert speakers on either side. If this were done, and in due course a ballot of the members of all the unions were taken, and, as a result, a substantial majority expressed its opinion, then, and then only, would the officials of the Labour Party be justified in representing the views of the body of their members.

I am a Tariff Reformer because I believe a revision of our tariffs will be economically sound, and that it is the only course that will legitimately raise the standard of wages without raising the cost of living. The cost of living will always tend to advance as the value of gold depreciates; but we want to arrive at a system that shall raise wages, so that their real value shall so increase as to enable the worker to keep pace with his increased cost of living. Free Trade, as we know it, will never succeed in doing this. The artificial forcing up of wages by means of strikes only too quickly tends to raise all the costs of living. There is only one sound way in which wages can rise-namely, increased demand for labour brought about by increased and profitable production. Where can we find a better market than our home one? Why then not take care of it, foster it, and nourish it? It is our own child. Why bring up other people's children when our own want nursing? This is the question I would like to ask every working man to answer.-I am, Sir, yours, &c., Bramall Hale. CHARLES H. NEVILL.

MR. RALSTON BOYD AND TARIFF REFORM.

--

[TO THE EDITOR OF "THE OUTLOOK."]

SIR, Mr. Ralston Boyd would do a service if he could make clear the facts and ideas which have led him to estimate 13 per

[TO THE EDITOR of THE OUTLOOK."] SIR,-When are the working men of this country going to rise up and rebel against the tyranny of the so-called "Independent" Labour Party? It is true they made their own bed, but are they going to be content to lie upon it for ever? Perhaps "bed" is not quite the right simile to use. One should rather say that they built for themselves a chariot which they intended to be properly horsed, or to be more up to date properly supplied with its own motive power; and, having crowded into their new carriage, I think they are at last beginning to realise the fact that it has degenerated into nothing more important than a "trailer" hitched on behind the Radical Juggernaut car, which goes crashing along roads leading to destruction, entirely at the will of its Irish driver. There are signs that the working man is growing tired of being jolted behind this badly driven vehicle, and of being carried this way or that way without his own consent, along paths he does not wish to travel and leading he knows not whither.

There is a subject which is of great interest to the working man, and which he is not permitted officially to discuss, much less to express his individual opinion upon it as a unit of the Labour Party. I allude to the question of the revision of

which should be justly charged (even by Free Traders) on foreign goods landed in this country. In ordinary business we all know that after getting at cost of material and wages we add "on cost" charges before arriving at final cost of production and so determining the selling price; among on cost charges we include taxes and rates, etc.

Does Mr. Ralston Boyd include in his term "all taxes only Imperial taxes or also some local rates? Does he include in Imperial taxes such productive taxes as the Post Office and even education, or does he restrict his "on cost" charges against the foreigner to national non-productive expenditure? Why does he charge this national on cost expenditure against our annual consumption? What is meant by this term? Does it cover our annual consumption of food and drink, of flowers, books, and concerts, or what? On the face of it this is not a business term. As above outlined, the ordinary business man would charge this against all goods produced for sale and equally against goods sold at home or abroad. If we could by agreement arrive at the on cost national taxation charge which we have to pay before we can sell at a profit, we would be entitled under Free Trade to charge it to foreigners entering our market; conversely they would be entitled to charge their similar expenditure against us (which they already more than do). One thing is clear, that only such goods as were competitive would have to bear the charge, as on non-competitive goods the foreigner would simply raise his price by the import duty. And what about raw materials? Even in business on cost charges are never mathematically correct nor mathematically placed, and in this aspect the discussion is partly an academic one.-I am, Sir, yours, &c., Hailes Brae, Colinton. P. MCOMISH DOTT.

[TO THE EDITOR of THE OUTLOOK."] SIR,-Under the above heading there is one question raised that should interest the readers of THE OUTLOOK-it was the consideration of this question that led me to open this correspondence. There are two other questions arising from the first that may or may not interest your readers. The main question is this: Is Mr. Ralston Boyd, or any Tariff

Reformer, justified in opposing the Tariff Reform movement, as conducted by the leaders of that movement, on the grounds that his own particular system is, in his opinion, the only sound system? The questions arising are, first, the soundness or otherwise of Mr. Ralston Boyd's system; secondly, the probability or otherwise of his system, even if sound in theory, being accepted by the country.

The answer to the main question is a matter of opinion. With regard to the second, in one of Mr. Boyd's pamphlets he writes, "We carry on a business which aggregates to 2,400 millions per annum, and the cost of carrying on the establishment in which the business is conducted is about 300 millions per annum." This 300 millions he gives as national expenditure for Army, Navy, Consolidated Fund, Civil Service, and the local expenditure of the United Kingdom. It is from these figures that he derives (in this case) the 12 per cent. establishment charge. Leaving the accuracy of these figures unquestioned, we may ask, what is the object of this 12 or 13 per cent, establishment charge? On the face of it, to equalise conditions for all who do trade in our home markets, whether the business has its base in the United Kingdom or abroad. Then, does that section of the community that can be legitimately classed under the headings of traders or producers provide the whole of this 300 millions? If not, the foundation on which Mr. Boyd demands a primary duty of 13 per cent. is unsound.

This brings me to the third question. For many years Mr. Boyd has been engaged in placing before the public "the only sound theory of Tariff Reform "! He has spared neither labour nor expense in so doing. How many votes does he honestly think he could command in favour of putting his theory to a practical test? If Mr. Ralston Boyd will kindly look at my first letter again he will find that the "bolstering up" had reference to a theory-his theory-not to "home production." I frankly admit that my commercial knowledge is limited, and yet I seem to recollect having noticed in the balance-sheets of many a commercial company the item “Good will,” balancing very substantial cash figures.-I am, Sir, yours, &c., JOHN L. WATSON.

P.S. (a fable).-John was a business man. His place of business was overrun with all kinds of people, some of whom were of great service to him; others on the contrary did injury to his business. In order to clear his premises somewhat, he went to a famous West-country kennel and purchased a thirteen-guinea bulldog, which he placed at the entrance to his offices. First came those seeking entry, who did a fair and mutually advantageous business with John, many of them being his own relations. Seeing the dog they said, "John doesn't want to see us; pity; however there are plenty of people who do; we can't waste time over that dog"; and they passed on. Next came those that made a great profit out of John. Seeing the dog they said ——, but went and bought a bit of meat for it, knowing that it would pay them well to do so. A common Tariff Reformer said to John, "Why don't you put in another door with Family entrance only' written over it?—if necessary you could always let in a friend or two that way."

FROM IRRELEVANCY TO INACCURACY ON IRELAND.

66

[TO THE EDITOR of THE OUTLOOK."]

SIR,-It is certainly surprising that, when so many wellinformed opponents of Home Rule exist, the ill-informed ones are so anxious to figure in the papers. Your correspondent Mr. Walbrook has now discovered "a portent of the gravest kind" in the purely imaginary fact of "the formation of a secret and exclusively. Sectarian Order" to serve the behests of the Catholic Church in Ireland. Mr. Walbrook refers to the Ancient Order of Hibernians. Apparently he has no objection to "a secret and exclusively Sectarian Order" when it happens to be called the Orange Society. That is not all. "The portent" of the "formation" of the Hibernian Order occurred nearly three centuries ago! The Hibernian Order is directly descended, generation after generation, from the Irish clans of Ulster, who rose in 1640 to expel the so-called Planters settled by confiscation and violence upon the Ulster clan lands. I am not in favour of either Hibernians or Orangemen interfering in civil government; but at any rate the Hibernians, who were founded in 1640, are one hundred and fifty years older than the Orange Society, which was only founded in 1795.

It is of course quite useless to expect Mr. Walbrook to

recognise that the blackmailing of education in Ireland is done by the British Government, and the British Government alone, for the benefit of the section of the Catholic clergy which, ever since the Act of Union, has been the main ally of the British Government in Ireland. In independent Catholic countries throughout the world a clerical section is nowhere permitted to blackmail education. As I state in a sentence which Mr. Walbrook quotes, but appears to be unable to understand, "Scores of millions of Roman Catholics throughout the world, in almost every Roman Catholic country, had expelled the cleric from a monopoly of education."

Without any distinction of Liberal or Tory, the British Government in Ireland confers upon the Irish Catholic clergy privileges which they would receive from no Catholic Government. I, a Master of Arts of the Queen's University in Ireland, have had my University abolished and my degree practically confiscated by a British Conservative Administration in order to establish a priest-ridden institution instead. When I endeavoured, on behalf of four thousand Catholic graduates of the Unsectarian University, to make our protest to Lord Lansdowne against the sectarianising of our colleges and the degradation of our degrees, I was refused even an audience by that representative of British Unionism. The British Government of Ireland will always remain the deadliest enemy of the lay Catholics of Ireland.—I am, Sir, yours, &c., F. HUGH O'DONNELL.

SLAVE COCOA CHRISTIANITY.

[TO THE EDITOR OF THE OUTLOOK."] SIR,-As a great deal of the present Navy-smashing campaign pretends to spring from a religious motive, may I point out that the Free Church Council, which took part in the Cannon Street meeting of the Suicide Club has for its chief supporter a Quaker who obtained damages (one farthing) from a newspaper which accused him of hypocrisy and making money out of slave-grown cocoa. Mr. George Cadbury himself admitted in the Daily News for May 21, 1908, that he had been "from the first the largest contributor to the funds of the Free Church Council." The death of Captain Coe last week is reminiscent of an open letter to him which appeared in the Eyewitness for October 19, 1908, commenting on the fact that this brilliant tipster was then engaged in making money for that holy and righteous antimilitarist, Mr. George Cadbury. It reads: "And in all your career, Captain, as a racing expert, though it has doubtless often brought you in contact with some queer characters, I bet you never touched so low an order of moral ideals as when the exigencies of your profession compelled you to become the employé of such a man." I think you will agree that these Free Church Council pastors who are now engaged in this crazy peace propaganda are to be congratulated on possessing strong stomachs, and not suffering from squeamishness.—I am, Sir, yours, &c.,

RICHARD H. GLOVER.

Τ

Finance of the eck.

ness.

BY OUR CITY EDITOR.

before the secretary's letter came in the price of Brighton “A” stood at 95, and the dealers were talking about a probable dividend of 4 to 4 per cent. on the stock, with a small increase in the carry-forward. The actual figures were 4 per cent. dividend, with an increase of £4,400 in the amount forward. Straightway the price of the stock fell to 94, a drop of 1 on the day, although the declaration was even better than some people had been expecting just before it was made.

The carry-over last Tuesday showed the calculations that a

On the other hand a decidedly more favourable view is taken of Ulster prospects, and this certainly assists the markets greatly. If the Ulster problem is solved, we should see a speedy awakening of interest in the markets. But it will be probably some considerable time yet before that desired result is achieved. The market factors are however rather more favourable all round, and even if the cheap money period has temporarily seen its easiest conditions, there is nothing in that to check optimism. The giltedged stocks seem likely, in fact, to set a good example to markets.

STRENGTH IN THE RUBBER MARKET.

The rubber market is coming to life once more, and its dealers have left off threatening that they will emigrate en bloc into the Kaffir Circus or elsewhere. For business is brisker; there is a better tone about the list as a whole, and rubber itself shows an unmistakable tendency to advance. Anticipation has fixed 3s. per lb. as the price at which the commodity is likely to stand before very long; and although the sceptic may hurl scornful reminders about similar prophecies in the past having failed dismally of fulfilment, the optimist points out that the estimate this time is framed on such modest lines as to render it exceed ingly likely of being reached. Raw rubber has been quietly creeping up from its low level of 2s. per lb. touched last November until now it stands about 2s. 7d. per lb., with quite a fair demand for it at the fortnightly sales in Mincing Lane, one of which has just concluded.

The critic may welcome cordially that moderation to which reference has been made. In the past he has been prejudiced— and naturally so—against the market by the wild bullishness of its supporters, who opened their mouths, as the saying is, a great deal too wide for the noise they made to be convincing; and the long fall in the prices, of rubber itself and of rubber shares, made eloquent answer to their clamour.

Most of the good rubber companies are now upon a fairly sound footing, although difficulties connected with finance are bound to make themselves felt as it becomes necessary to bring into bearing an ever-increasing acreage. Money which was denied to rubber companies however has within the past few days been released here and there to relieve a very trying situation in which some of the undertakings found themselves; and, with fresh cash resources at their command, the economically managed concerns should be able to get through the present year comfortably enough. The rubber market indeed may be said to have arrived at as sound a basis as is possible for any Stock Exchange department the stability of which depends upon prices of commodities with which the House has nothing to do in the

way of control.

In their eighth Manual of Rubber Planting Companies Messrs. Zorn and Leigh-Hunt, the Stock Exchange firm, point out some of the factors which make for the greater prosperity of the industry for the next year or two; and a study of their book shows that there are plenty of companies in which it is possible to take an interest with the feeling that the money is in moderately capitalised ventures with good dividend prospects. To the shares in companies which are steadily increasing their output, upon a reasonable cost per planted acre, the speculative investor may fairly direct his attention, in order to raise the yield upon his other securities.

WHY HOME RAILS ARE DEPRESSED.

Only in the case of the Great Eastern declaration was the announcement followed by anything like a sharp rise in the price of stock. In nearly every other instance Home Railway prices fell, following upon the letters and telegrams posted in the Stock Exchange giving the dividend announcements in respect of the half-year that ended December 31 last.

The Brighton Company's announcement is the best illustration of the bizarre way in which prices moved. The night

the position ran in the opposite direction, and a lot of stock has been taken up by banks this week on account of buyers who were compelled to face the heavy charges for stamp and fee, plus 4 per cent. or more on the consideration involved. This "bull " account came as a surprise to the market, and is the root reason for the drop in prices.

There seems to be little need for stockholders to concern themselves with these market vagaries in the prices. Cheap money is the keynote to the situation, and unless Labour troubles should break out with insistent clamour the Home Railway attractions of 5 to 5 per cent. yields cannot fail to magnetise fresh buying when the prevalent depression in other departments shows signs of dissipation. Indeed, the existing level of prices is sufficiently low to render even speculative purchases tempting, providing the purchasers are content to possess their souls, and their stock, in patience for the time being. True, there have been some serious disappointments, and one result of the North British and Caledonian deferred dividends may easily be that the proprietors of these roads may raise serious protests against a dividend policy which seems deliberately to favour the preferred holders at their expense.

OTTOMAN RAILWAY.

We have on several occasions referred to the Ottoman Rail

way position and possibilities. In the summer of last year the price of the £20 shares had fallen to 173, and we predicted at that time a steady recovery in view of the excellent outlook. Just recently the shares changed hands over “par,” and the optimists are freely prophesying that the dividend for 1913 will be made up to 6 per cent., against 5 per cent. paid for 1912. During the second half of the year the published gross increase was £37,000, and it is certain that when the report appears in a few weeks much more than the 4 per cent. required to make up 6 per cent. for the year will prove to have been earned; but the directors, who are nothing if not prudent and conservative, may decide to strengthen the already satisfactory position rather, than advance the dividend. We shall see; but in any case the recovery in the price is certainly warranted.

During the next few years we shall probably have to note important developments in the extremely rich zone of Asia extensions are already projected to tap traffic at present carried Minor served by the Ottoman Railway. One or two small by caravan, and it is not at all unlikely that in the not far distant side of the lake to Egerdir, to serve districts to the east and future there may be an extension of the railway on the other south-east which are at present without railway communication. of grain yet to be carried from last year's bumper cereal crops. Immediate prospects are undoubtedly bright. There is plenty The olive crop is described as good, and owing to the influx of Macedonian settlers with improved agricultural methods there will most certainly this year be a larger area under cereals. Last, but not least, the passenger traffic continues to grow. The passenger revenue has doubled since the new Turkish régime removed the restrictions on travelling that prevailed a few years Ottoman Railway securities are not, of course, for the speculator. But the investor will, we think, find them more and more attractive as time goes on.

ago.

CHILIAN MATTERS.

A good deal of interest has been taken in the proposal to Chile has been rather in the limelight during the past week. establish a 5 per cent. profits tax as a means of increasing the revenue, which, in the opinion of prominent financiers, relies too much on the nitrate industry for the Budget to be altogether sound. More than half Chile's income is derived from the 2s. 4d. per quintal export duty on nitrate, the bulk of the balance coming from import and stamp duties.

At one time it was thought that the Chilian Government meant to impose the tax on foreign companies operating in the country only, but apparently all public concerns will have to pay 5 per cent. of their net profits into the Exchequer, and, from what we hear, the Bill will almost certainly go through. There is some grumbling, but as far as we can hear no organised opposition.

The nitrate position is improving, as we indicated a week or two ago. Consumption is growing, supplies are being taken off the market, and it seems obvious that the European position, with any luck at all, will improve considerably during the next month or two.

The Selfridge deal has excited a lot of interest. Mr. Gordon Selfridge bought out Mr. Musker's ordinary share holding, and sold a block of preference shares to a City bank in order to pay for them. The latter sold to the public very readily, for the Selfridge annual report, which made its appearance at the time, gave every evidence of sterling progress.

The collapse of the Crown Mines-Robinson scheme was a distinct triumph for the independent shareholder, as against the Rand magnates. But the directors are up in arms, and resignations punctuate their disapproval. A new scheme is suggested.

The date of the next meeting of the Chartered Company will not be fixed until the return from Rhodesia of Sir Starr Jameson at the end of February.

Much confident talk is being heard about the prospects of the Broken Hill group, despite the rise that has already taken place. The new slimes treatment plant is thought to be likely to assist the companies materially. In fact, a further rise is looked for. Rather better news of the diamond industry comes to hand from Amsterdam, where employment has increased. There is however little further evidence of improvement in trade itself otherwise, and the American news is no better than a few weeks ago, the expected further improvement not having materialised. The market is debating the prospects of a dividend of 11 per cent. on the Antofagasta and Bolivia Railway deferred. It seems a tall proposition, but the directors could easily pay that or even Will the pressure of the financial groups concerned enable this increased dividend to be brought about? If so, the preferred ordinary will receive an increased dividend.

more.

Cuban Central preference shareholders are being asked to exchange into 5 per cent. United of Havana preference, together with a small amount of ordinary, which will roughly give them 5 per cent. yield in place of 5 per cent., but with a rather better security. The proposal is not very tempting, but it may be severely equitable.

It would seem that the Atlantic rate-war is virtually over, and that the reconciliation of the German companies will be followed by an arrangement with the Cunard. This accounts for the

revival in Cunard shares this week.

H.M. THE KING OF SPAIN has just conferred his Royal Warrant on Messrs. A. Wulfing and Co. for Sanatogen, Albulactin, and their other preparations, which include the ideal popular sore-throat remedy and preventive of infectious diseases -Formamint. A fact which adds a note of additional interest

to the appointment is that the preparations are used in the Royal Household. It is a matter of common knowledge, for instance, that the Royal infants are now brought up on Albulactin because it makes cow's milk to all intents and purposes identical with human milk. Indeed most Royal and aristocratic mothers now use Albulactin, the price of which, happily, brings it within the means even of the poor whose babies have to be bottle-fed.

66

AN ATLAS OF LONDON.

We have received from Messrs. G. W. Bacon and Co. the Citizen Series" maps of London, edited by Mr. William Stanford. There are eighteen maps in all, each sheet being 21 by 14 inches, the scale varying according to the extent of the area shown. Needless to say, the maps are delightfully clear and distinct-the publisher's name assures that; and, in addition to these first essentials, the maps before us are eminently practical, and while meeting the requirements of busy Londoners in, we should imagine, every possible direction, are very well adapted for rapid reference. The maps show the City with its wards and streets; the Port of London with its wharves and docks; the River with its wharves from Woolwich to Tilbury and Gravesend; the London Fire Brigades, Registration Areas, Coroners' Courts, Postal Districts, Police Divisions, Water, Gas, and Electric Supply; County Courts, Police Courts, Petty Sessions, Parliamentary Divisions, Parliamentary and Metropolitan Boroughs, and Unions. Conveniently bound in atlas form, the price is 7s. 6d. net.

I

in

MOTORING.

N addition to the International Tourist Trophy race, which is to be held in the Isle of Man on or about June 10 and 11, the committee of the Royal Automobile Club has contemplation a Light Car Reliability Trial and a two-cycle engine competition to be conducted this year, while an important internal-combustion turbine competition is under consideration for 1915. These announcements, which are made in the club's report for the week which ended last Saturday, supply convincing evidence that the R.A.C. directors are fully alive to the growing desire for the re-establishment of road-racing under official control which is being manifested by a large section of the younger school in automobile education.

have come into the business since the brave days of old when It is quite natural that those motor-car manufacturers who Gordon-Bennett races, long-distance reliability runs, and hillclimbs of surpassing severity were not only numerous and well supported, but the media through which much kudos was obtained by engines and motorists whose names are now familiar as household words wherever two or three automobilists are gathered together. The point for these comparatively youthful aspirants to reflect upon is whether the game is worth the candle. In the early days, when ownership of a car was synonymous with opulence, the profits of makers and agents were of so great a margin over prime cost that so costly a form of advertisement as constant competition could be contemplated with equanimity. It used to be an Nowadays the position is very different. accepted axiom that a first-class car could be sold for just twice as much as it cost to turn out, but any salesman who should attempt to carry on business on such an assumption to-day would speedily find himself promoted to the freedom of the streets. Still there is no doubt that the huge demand for self-propelled vehicles does lend itself to-day to a quite natural and laudable desire on the part of manufacturers to bask in the rays of as much limelight as can be obtained, and if the attendant expense and risk are great the fruits of victory are distinctly refreshing, if somewhat rare.

In connection with the International Tourist Trophy race to which I have referred above, it is interesting to note the number of supporters who have signified their intention of competing. For the edification and convenience of spectators and officials, distinctive colours are to be sported by the various cars. list of entrants to date comprises: Minerva, three cars (yellow); Humber, three cars (stone-grey); Straker-Squire, two cars known as "the Rolls-Royce of moderate price" (blue); Sunbeam, three cars (purple); Star, two cars (bright red); Vauxhall, three cars (black); Martini, one car (white); Adler, three cars (light grey); and D.F.P., one car (dark red). These twenty-one cars are thoroughly representative of the best workmanship and design, and are all included in that type of automobile which appeals to the man of moderate means who does not propose to himself an outlay of a thousand guineas and an expenditure on upkeep of five hundred a year.

Lecturing before the Royal Society of Arts last week Dr. Ormandy dealt in luminous manner with the important matter of motor fuels, with particular reference to the origin, present position, and possible limitations of the supply of coal and petroleum products. The learned lecturer then proceeded to deliver some highly instructive and well-considered views on the future of alcohol as a fuel for internal-combustion engines, and remarked that although many difficulties lie in the way of the general adoption of alcohol as a motor-driving spirit, there are yet many theoretical, chemical, and physical reasons why alcohol should yield superior results. It can, said Dr. Ormandy, be employed without danger of pre-ignition under high compression; it can yield a much higher percentage of its available heatcontents in the form of work; and for carburetting purposes it is much more homogeneous than other fuels with which it competes. Dealing with the question of production and distribution in conformity with existing Excise laws, Dr. Ormandy pointed out that alcohol can be made from all starch- and sugarcontaining bodies, and is in fact manufactured in all parts of the world on an enormous scale-in Germany from potatoes, in France from beet-root, in Japan and China from rice, and in the Tropics from cane-sugar. So long ago as 1904 a Departmental Committee on Industrial Alcohol was formed. At that time the price of petrol was about a shilling a gallon, and although the Committee did not recommend immediate action in favour of removing what I may term alcoholic restrictions, it expressed the opinion that should it be demonstrated that any modification of carburation would render the commercial use of alcohol feasible, the Government ought at once to take the matter in hand. That time, I think, has now arrived.

D. M.