With revolutionary intentions as to reform, this only ended, after several years of normal budgets, in ultimate frustration.
Mr Gladstone's budgets, made possible by this prosperity, were so many triumphs for Liberalism.
Gladstone signalized his return to the exchequer by Glad- introducing a series of budgets which excited keen ~ opposition at the time, but in the result largely added to the prosperity of the country.
The first of these great budgets, in 1860, was partly inspired by the necessity of adapting the fiscal system to meet the requirements of a conimercial treaty which, mainly through Cobdens exertions, had been concluded with the emperor of the French.
It must have been with peculiar gratification that he announced to the House of Commons in April 1917 that the Imperial War Cabinet had accepted the principle of Imperial Preference; and that it was hoped that each part of the Empire, having due regard to the interests of the Allies, would give specially favourable treatment and facilities to the produce and manufactures of other parts of the Empire - a hope which, as regards the mother country, was translated into action in the budgets introduced under Mr. Law's leadership after the war.