as drawn by himself, I suspect in ink
To save you turning your screen upside down, the texts are as follows.
Underneath: Terrific result of venturing to put in one diffident little word for the down-trodden masses having such a trifle as an insignificant vote for themselves.
May: You want to abolish the House of Lords!!! You want to dethrone the queen!!!!!!!!! Oh! You wicked wretch!!!!
Grey: Oh! I say, you know, I didn't say quite all that.
The explanation is in Margaret Pennant's hand. May Pennant was her aunt, and lived at 40 Egerton Crescent, London.
Sellotaped into our copy of The Life of Ann Catley.
Page posted by David Pennant a descendant of Ann and dutiful nephew and great nephew, Woking, Surrey, UK.