present market-value of the wine; as to the second question,
he goes on to say--

We have, as so often happens in the lives of distinguished
premiers, three courses before us: (1) to charge the
_present_ value for each kind of wine; (2) to put on a
certain percentage to the _original_ value of each
kind; (3) to make a compromise between these two courses.

Course 1 seems to me perfectly reasonable; but a very
plausible objection has been made to it--that it puts a
prohibitory price on the valuable wines, and that they would
remain unconsumed. This would not, however, involve any loss
to our finances; we could obviously realise the enhanced
values of the old wines by selling them to outsiders, if the
members of Common Room would not buy them. But I do not
advocate this course.

Course 2 would lead to charging 5s. a bottle for Port and
Chablis alike. The Port-drinker would be "in clover," while
the Chablis-drinker would probably begin getting his wine
direct from the merchant instead of from the Common Room
cellar, which would be a _reductio ad absurdum_ of the
tariff. Yet I have heard this course advocated, repeatedly,
as an abstract principle. "You ought to consider the
_original_ value only," I have been told. "You ought to
regard the Port-drinker as a private individual, who has
laid the wine in for himself, and who ought to have all the
advantages of its enhanced value. You cannot fairly ask him
for more than what you need to refill the bins with Port,
_plus_ the percentage thereon needed to meet the
contingent expenses." I have listened to such arguments, but
have never been convinced that the course is just. It seems
to me that the 8s. additional value which the bottle of Port
has acquired, is the property of _Common Room_, and
that Common Room has the power to give it to whom it
chooses; and it does not seem to me fair to give it all to
the Port-drinker. What merit is there in preferring Port to
Chablis, that could justify our selling the Port-drinker his
wine at less than half what he would have to give outside,
and charging the Chablis-drinker five-thirds of what he
would have to give outside? At all events, I, as a
Port-drinker, do not wish to absorb the whole advantage, and
would gladly share it with the Chablis-drinker. The course I
recommend is