grandeur. It constituted "society," ran the races, gave the balls, and kept open house; the surrounding villages lived in its sunshine. Why could not this patriarchal state last, as it has lasted in Arabia for thousands of years and in Europe for centuries? In the Southern States it was brought to bankruptcy by the civil war. In Australia it collapsed before two enemies as deadly--a succession of droughts and a fall in the price of wool. The banker has his foot on the squatter's neck. If one may judge from the published maps, three fourths of the freehold land in the older colonies is in the hands of the money lenders. The once lordly runholder, who would have excluded from his table, or at least from his visiting circle, any one engaged in commerce, is now the tenant of a mortgage company which began by using him too well and ended by crushing him unmercifully. It is also brought to a close by the rise of the agricultural stage. The colonial _latifundia_ gets broken up for the same economic reasons as that of the mother country. Whenever from the increase of population wheat-growing becomes more profitable than grazing, land rises in value, and vast sheep walks are subdivided into two-hundred-acre farms, which are put under the plow. The transition may be retarded in some countries and altogether arrested in others. Nasse has shown that, in consequence of the moisture of the climate, there was in the sixteenth century a continual tendency in England to revert from agriculture to pasture. The light rainfall, high temperatures, and unfertilized soil will forever keep nine tenths of Australia under grass. Most of the mountainous north and the glacier-shaved portions of the south of New Zealand must be perpetual cattle runs and sheep walks. A century or perhaps centuries will pass before much of the light soil of Tasmania, hardly enriched by the scanty foliage of the eucalyptus, is sufficiently fertilized by grazing to grow corn. Rich alluvial or volcanic lands are put under the plow, without passing through the pastoral stage, as soon as markets are created by the advent of immigrants. There is a cry for farm lands. Companies that have bought large estates break them up into allotments. When they or other large landholders still resist pressure, the radical colonial legislature accelerates their deliberations by putting on the thumbscrew of a statute which confiscates huge cantles of their land. Or the colonial Government, if socialist-democratic, purchases extensive properties, which it breaks up into farms and communistic village settlements. Over wide tracts the agriculturist, great and small, takes the place of the pastoralist. He holds his lands under a variety of tenures. New South Wales, in its search for an ideal form, has flowered into fifteen varieties. Other colonies are stumbling toward it more or less blindly through a succession of annual statutes. Where land is abundant the tenure will be easy.