It may not be out of place to allude to a feature or two of the newly adopted method of dealing with wages regulations as disclosed by recent applications, and we may modestly, yet rightly, claim for it a superiority of character and practice over preceding modes. As already stated, it has by its earliest results confirmed the conviction previously held, that the standard relation of wages to prices governing previous methods was not correct, and established the increased average amount obtained by the negotiations of the past years. At the next meeting of the Board the owners made another application for a reduction. When the July meeting took place the claim was brought forward. It was objected to at first, on the grounds that there had not been sufficient time, seeing the three months had not elapsed. The notice was withdrawn and renewed. The reasons assigned were the declension in the markets and the inadequacy of the previous reduction. These reasons were not accepted, and the umpire was again called in. His decision, after two days' hearing, was a reduction of two and a half per cent. In spite of this adverse circumstance the Federation Board were still strong in their belief in the utility of the system. They said: We are not going to say that its course, so far as it has gone, has been pleasant, for there have been two reductions, but these do not shake our confidence in it. It is an unfortunate coincidence, the initiation of a new system when circumstances are unfavourable and its changes are downward. The true test of institutions, as of men, is their action in a variety of conditions. No arrangement can make trade prosperous. They are dreamers who think so, and are liable to a rude awakening. Wise men recognise the ever-recurring changes, and employ the means which are most expeditious, easy, and equitable in their responses. Friction between employer and employed is a foe to any trade, uncertainty is a sure and hurtful detriment, hastening and enlarging the times of adversity. Our opinion is that, if we have not the best system, we have one which will ward off friction, allay uncertainty, and induce steadiness in the trade of the county.