The first is the influence on society at large produced by the great and rapid growth of the fiduciary element in the conduct of commercial enterprise and landed estates. The agent, the director, the manager, the trustee, have almost entirely displaced the old-time owner, merchant, and manufacturer, who did business by and for themselves. A class has been created who, already in a state of professional altruism, are impervious, and on the face of it rightly impervious, to altruism of any other kind. What large business nowadays is not conducted as a limited company by a board of directors appointed and paid by the shareholders as trustees to produce for them a maximum of profit? What large estate is not managed by a paid agent on the same principle? And, however generous our aspirations, which of us does not know the deflecting power of trusteeship, rigidified, as it is, by law and by the sense that we are paid for the performance of a job inimical to generosity? True—the rates of wages and of rent come not under rules but under the broad heading of policy; and, in deep reality, I suspect it to be equally true that the maximum of generosity ministers _in the long run_ to the maximum of stability and profit; nevertheless there can be no doubt whatever that the trustee system not only befogs and deadens the human relationship between employer and employed, but affords an overwhelming support to our natural instinct to take the immediate view and line of least resistance. Broadly speaking, where there is trusteeship, as trusteeship is now understood, there is no wide view of the relation of Capital to Labour in the light of the good of Society as a whole; there is only a faithful, cold-blooded, purblind service for the benefit of a _cestui que trust_, who is himself freed from a sense of personal responsibility and from all apparent need for a wide and human outlook. The trustee system, if not already, will soon be universal, and I see no means of counteracting its secret, dangerous, and irritating effect on the mind of Labour, save by such process of education as shall soak the spirit of the prosperous classes with an altogether larger and saner feeling of the fundamental unity and interdependence of Society, with a good-will so vastly increased that the shareholder and _cestui que trust_ shall no longer require the director or trustee to consider them and them alone, but bid him instead consider equally the interests of the employed. Such a mood of altruism is now, roughly speaking, absent from the minds of the prosperous classes; and to attain to it is a consummation that I fear will never come about under our present system of education.