representing £1 or 25s., made by the broker for arranging the fictitious purchase and sale by means of which this continuation of the bargain is effected. Let a speculative purchase be carried on in this way for a few months, and it will become evident to everybody that a very considerable rise must occur before the purchaser is able to sell at a profit after meeting all charges. In three months he may be £20 to £25 to the bad, assuming the price to remain where it was when he bought. If people would reflect in this way, and make calculations before they plunged into a gambling transaction of the sort, they would surely often hold their hands. With sales for the fall—sales of what a man does not possess—it is often very much worse, especially if a man has sold a share or stock on which dividends accrue from time to time. He may be saved the cost of interest on money lent to him, but has to pay the dividend upon the stock he sold each time that one is declared; and should selling for the fall have been large enough to exceed the supply of shares available for lending purposes, he may be called upon to pay a fine for failing to deliver what he sold, and each fortnight the carry-over charges have to be deducted from the price at which he sold, together with dividends when they come, and fines for non-delivery when the “bear” is more or less “cornered.” In this way it often arises that a man will not come out with a profit, even should he round off his speculative sale by repurchasing 10 per cent below the price he originally sold at. I give these brief illustrations to help the outside mind, to warn people off from this method of trying to make money, but my hopes are not profound that they will have much effect. We shall require a world-enveloping credit cataclysm to lift mankind out of its present vicious ruts on to a higher, a more altruistic moral platform. GAMBLING AMONG WOMEN By J. M. HOGGE, M.A. Betting has so long been associated with men that it is probable there are still many people who have never considered the evil in its relation to women. The attention of those, however, who have given some thought to the problem of betting and gambling has been increasingly turned to this phase of the question, and it is now certain that among women the practice is spreading with alarming rapidity. As in the case of men, the habit is not confined to any one class of society but has affected all, so that at the one end of the social scale costly jewellery is sold to cover bridge debts and at the other blankets are pawned to put money on a horse. If we turn to the evidence given before the Lords Commission we find numerous side references to the practice. Here, for instance, is some evidence given by Chief Constable Peacock of Manchester:— _Q._ One of these slips (_i.e._ bookmakers’ slips) you have given me is from a lady? _A._ Yes. _Q._ And it appears that she had 8s. on in one day? _A._ Yes.