g!" said Mr Hoaxem a little confused.
"Would not that assurance, I humbly suggest, clash a little with my
previous demonstration that we had arranged that no reduction of prices
should take place?"

"Not at all; your previous demonstration is of course true, but at the
same time you must impress upon them the necessity of general views to
form an opinion of particular instances. As for example a gentleman of
five thousand pounds per annum pays to the income tax, which by the bye
always call property tax, one hundred and fifty pounds a year. Well,
I have materially reduced the duties on eight hundred articles. The
consumption of each of those articles by an establishment of five
thousand pounds per annum cannot be less than one pound per article. The
reduction of price cannot be less than a moiety; therefore a saving
of four hundred per annum; which placed against the deduction of the
property tax leaves a clear increase of income of two hundred and fifty
pounds per annum; by which you see that a property tax in fact increases
income."

"I see," said Mr Hoaxem with an admiring glance. "And what am I to say
to the deputation of the manufacturers of Mowbray complaining of the
great depression of trade, and the total want of remunerating profits?"

"You must say exactly the reverse," said the gentleman in Downing
Street. "Show them how much I have done to promote the revival of trade.
First of all in making provisions cheaper; cutting off at one blow half
the protection on corn, as for example at this moment under the old
law the duty on foreign wheat would have been twenty-seven shillings
a quarter; under the new law it is thirteen. To be sure no wheat could
come in at either price, but that does not alter the principle. Then
as to live cattle, show how I have entirely opened the trade with the
continent in live cattle. Enlarge upon this, the subject is speculative
and admits of expensive estimates. If there be any dissenters on the
deputation who having freed the negroes have no subject left for their
foreign sympathies, hint at the tortures of the bullfight and the
immense consideration to humanity that instead of being speared at
Seville, the Andalusian Toro will probably in future be cut up at
Smithfield. This cheapness of provisions will permit them to compete
with the foreigner in all neutral markets, in time beat them in their
own. It is a complete compensation too for the property tax, which
impress upon them is