the British protectorate of the United States of the Ionian Islands. In 1858, Gladstone took up the hobby of tree felling, mostly of oak trees, an exercise he continued with enthusiasm until he was 81 in 1891. Eventually, he became notorious for this activity, prompting Lord Randolph Churchill to observe: "For the purposes of recreation he has selected the felling of trees; and we may usefully remark that his amusements, like his politics, are essentially destructive. Every afternoon the whole world is invited to assist at the crashing fall of some beech or elm or oak. The forest laments in order that Mr Gladstone may perspire." Less noticed at the time was his practice of replacing the trees felled by planting new saplings. Gladstone was a lifelong bibliophile. In his lifetime, he read around 20,000 books, and eventually owned a library of over 32,000. Chancellor of the Exchequer (1859–1866) In 1859, Lord Palmerston formed a new mixed government with Radicals included, and Gladstone again joined the government (with most of the other remaining Peelites) as Chancellor of the Exchequer, to become part of the new Liberal Party. Gladstone inherited a deficit of nearly £5,000,000, with income tax now set at 5d (fivepence). Like Peel, Gladstone dismissed the idea of borrowing to cover the deficit. Gladstone argued that "In time of peace nothing but dire necessity should induce us to borrow". Most of the money needed was acquired through raising the income tax to 9d. Usually not more than two-thirds of a tax imposed could be collected in a financial year so Gladstone therefore imposed the extra four pence at a rate of 8d. during the first half of the year so that he could obtain the additional revenue in one year. Gladstone's dividing line set up in 1853 had been abolished in 1858 but Gladstone revived it, with lower incomes to pay 6½d. instead of 9d. For the first half of the year the lower incomes paid 8d. and the higher incomes paid 13d. in income tax. On 12 September 1859 the Radical MP Richard Cobden visited Gladstone, who recorded it in his diary: "... further conv. with Mr. Cobden on Tariffs & relations with France. We are closely & warmly agreed". Cobden was sent as Britain's representative to the negotiations with France's Michel Chevalier for a free trade treaty between the two countries. Gladstone wrote to Cobden: "... the