§ Now, Sir, corn is a necessary of life in a greater degree than any other article. It is a raw material, it is the food of our people, the food of our horses, and of our cattle; and, moreover, the duty has a certain disadvantage inasmuch as it is inelastic; and what is much worse, it lends itself very readily to misrepresentation. [OPPOSITION cheers.] I do not think it can remain permanently an integral portion of our fiscal system, unless there is some radical change in our economic circumstances or it is connected with some boon much, desired by the working classes. It was the last tax that was imposed by my right hon. friend the late Chancellor of the Exchequer, and I know it was imposed with reluctance and only under pressing necessity. In my opinion, being, as it is, a tax on a prime necessity of life, it has the first claim to be associated with the large remission of the Income Tax of which I have spoken. I therefore propose to remit the Corn Duty. [OPPOSITION cheers.] I made a promise to the trade that if I did this I would give-suitable notice. I propose, therefore, that the repeal shall take effect on the 257 1st of July and in the meantime bonding facilities will be allowed. The loss for a full year would be £2,400,000.