TO THE EDITOR OF THE “DAILY NEWS.”

Sir,—I am sorry that accident prevented your receiving before the very few words which I have to say in answer to the severe strictures passed on my views respecting the cession of the Ionian Islands by Mr. Disraeli, in his speech on that subject the other evening.

I will not enter into the considerations of morality involved in the question, because Mr. Disraeli appears to regard such considerations as offensive.

Taking the political line, the sum of Mr. Disraeli's argument against the cession of the Islands is this, that the source of wealth is power, and that the way to secure power is to occupy with arms strong places on the routes of commerce.

If Mr. Disraeli will post a sentry for a year at the doors of his baker, butcher, and grocer, and add the expense to his yearly bills, he will find, I believe, by experience, that the armed occupation of strong places on the routes of commerce is not necessarily a source of wealth. But as the Right Hon. gentleman has not yet quite made up his mind on the subject of “unrestricted competition,” it is premature to argue with him respecting the influence of Free Trade.

That the Ionian Islands, however, are “a strong place,” seems to be an assumption which requires qualification. They appear to be a strong place so long as we have a fleet in those seas powerful enough to prevent their being attacked.