In cases where no recapitalisation has been effected for a considerable series of years the yearly earnings of such businesslike coalitions have been known to approach fifty percent on the capitalised value. Commonly, however, when earnings rise to a striking figure, the business will be recapitalised on the basis of its earning-capacity, by issue of a stock dividend, by reincorporation in a new combination with an increased capitalisation, and the like. Such augmentation of capital not unusually has been spoken of by theoretical writers and publicists as an increase of the community's wealth, due to savings; an analysis of any given case is likely to show that its increased capital value represents an increasingly profitable procedure for securing a high price above cost, by stopping the available output short of the productive capacity of the industries involved. Loosely speaking, and within the limits of what the traffic will bear, the gains in such a case are proportioned to the deficiency by which the production or supply under control falls short of productive capacity. So that the capitalisation in the case comes to bear a rough proportion to the material loss which this organisation of sabotage is enabled to inflict on the community at large; and instead of its being a capitalisation of serviceable means of production it may, now and again, come to little else than a capitalisation of chartered sabotage. Under the new dispensation of peace and security at large this manner of capitalisation and business enterprise might reasonably be expected to gain something in scope and security of operation. Indeed, there are few things within the range of human interest on which an opinion may more confidently be formed beforehand. If the rights of property, in their extent and amplitude, are maintained intact as they are before the law today, the hold which business enterprise on the large scale now has on the affairs and fortunes of the community at large is bound to grow firmer and to be used more unreservedly for private advantage under the new conditions contemplated. The logical result should be an accelerated rate of accumulation of the country's wealth in the hands of a relatively very small class of wealthy owners, with a relatively inconsiderable semi-dependent middle class of the well-to-do, and with the mass of the population even more nearly destitute than they are today. At the same time it is scarcely to be avoided that this wholly dependent and impecunious mass of the population must be given an appreciably better education than they have today. The argument will return to the difficulties that are liable to arise out of this conjuncture of facts, in the way of discontent and possible disturbance. * * * * *