manufacturers, and says that since the Act of 1850 the cotton industry has become the model industry of the country. As might be expected, he thinks the gradual course taken by English legislation on the subject much inferior, as a matter of principle, to the more revolutionary method taken by France in 1848, when a twelve hours Act was introduced simultaneously as a matter of principle for every trade in the whole country; but he admits that the results were more permanent in England. 4. _Effects of machinery, and the growth of fixed capital on the working classes._ The whole progress of industrial improvements is a history of fresh creations of relative surplus value, and always for the benefit of the capitalist who advances the money. Everything that economizes labour or that adds positively to its productivity, contracts the labourer's own part of the working day and prolongs the master's. Division and subdivision of labour, combination, co-operation, organization, inventions, machinery, are all "on the one hand elements of historical progress and development in the economic civilization of society, but on the other are all means of civilized and refined exploitation of the labourer." They not only increase social wealth at his expense, but in many cases they do him positive injury. These improvements have cost capitalists nothing, though capitalists derive the whole advantage from them. Subdivision, combination, organization, are simply natural resources of social labour, and natural resources of any kind are not produced by the capitalist. Inventions, again, are the work of science, and science costs the capitalist nothing. Labour, association, science--these are the sources of the increase; capital is nowhere, yet it sits and seizes the whole. Machinery, of course, is capital, but then Marx will not admit that it creates any value, and contends that it merely transfers to the product the value it loses by tear and wear in the process of production. The general effect of industrial improvements, according to Marx, is--1st, to reduce wages; 2nd, to prolong the day of labour; 3rd, to overwork one-half of the working class; 4th, to throw the rest out of employ; and, 5th, to concentrate the whole surplus return in the hands of a few capitalists who make their gains by exploiting the labourers, and increase them by exploiting one another. This last point we need not further explain, and the third and fourth we shall unfold under the separate heads of Piecework and Relative Over-population. The remaining two I shall take up now, and state Marx's views about a little more fully.