And so we approach the real danger, which is naturally more potent in some fields than in others. We have seen that the mechanical factor has, by making the fourth-rate more accessible, increased the number of those with fourth-rate tastes. Now we encounter the commercial factor which enters at some stage into every art and almost every artistic activity. Books, music, and pictures must be published, plays produced, concerts arranged, art-objects manufactured, and so on. Outlay of capital is almost invariably involved, and those with capital can seldom be induced to use it without the usual expectation of gain. In short, to some person or other nearly _all our artistic experiences are business propositions_. Practically the only exceptions to this rule are the institutions maintained at the public expense--art-galleries, museums, public libraries, etc.--and even these are not entirely divorced from indirect commercial relationships. Thus the nature and extent of art-reproduction are very largely governed by commercial considerations. The effect of this is easily seen. The natural desire of the capitalist is to secure the best return from his investment, and this may be sought in two ways. Either he may produce something for which there is a large demand, or he may produce something for which there is less demand and charge more for it. He will certainly avoid the thing for which there is only a small or a problematic demand. Let us now remember that the proportion of those who desire good art is decreasing, and it is clear that the commercial factor is not improving the standard of public taste. Within limits the most demand is for the least worth-while, and yet it is the satisfaction of this demand which makes the most attractive commercial proposition. He who wants the fine thing prized by a minority must pay more for it if he is lucky enough to be able to do so and if he is fortunate enough to have it produced for him, or go without it if he is not. The snowball rolls on. The vicious sequence operates continuously. The bigger the demand the more ready is the business-man to meet it; the better the supply, the greater the desire. The extent to which the commercial factor is potent varies considerably, and depends largely upon the amount of capital which is involved in the single reproductive operation. Fortunately there are still business-men in the art-producing world who are glad to compromise, who sometimes put their ideals before their pockets, who are satisfied so long as they are enabled to pay their way, who are prepared at times to lose. Accordingly, whenever the capital involved is not large, and whenever the investor can undertake a number of contemporary ventures the loss on some of which should be covered by profits on the others, better though less popular art is given its chance.