ABSTRACT
The panic, which had started in mid-December, began to abate at the opening of January, 1913, when the more cool and collected of the fugitives began to realise that their own worst enemies were themselves. Meanwhile, at headquarters a trying scene was being enacted, for Mr. Bonar Law had determined to resign. In his own words, "people had laid down a programme after careful consideration. The party did not accept it". Therefore, no other course seemed open. At this important crisis, an interesting and original suggestion was made. Shortly after the receipt of this memorial, Mr. Bonar Law finally expounded the accepted and authorised policy of the Unionists for the future. As regards this triple policy a few words of comment are required. The first item, an all-round tariff, is being altered up and down; in December last, it was 10 per cent: next month, it was defined as intended to be lower than in any other country.
