proportion of the value they produce in the form of a yearly or weekly income to be spent or saved as they pleased. Now whatever things of this kind we allow a man to possess, we must allow him to exchange, since exchange never takes place unless both parties believe themselves to benefit by it. Further, bequest must be allowed, since any but a moderate probate duty or personalty would, unless supported by a strong and searching public opinion, certainly be evaded. Moreover, if we desire the personal independence of women and children, then their property, as far as we allow property at all, must for a long time to come be most carefully guarded. There would remain therefore to be owned by the community the land in the widest sense of the word, and the materials of those forms of production, distribution, and consumption, which can conveniently be carried on by associations larger than the family group. Here the main problem is to fix in each case the area of ownership. In the case of the principal means of communication and of some forms of industry, it has been proved that the larger the area controlled, the greater is the efficiency of management; so that the postal and railway systems, and probably the materials of some of the larger industries, would be owned by the English nation until that distant date when they might pass to the United States or the British Empire, or the Federal Republic of Europe. Land is perhaps generally better held by smaller social units. The rent of a town or an agricultural district depends only partly on those natural advantages which can be easily estimated once for all by an imperial commissioner. The difference in the rateable value of Warwick and of Birmingham is due, not so much to the sites of the two towns, as to the difference in the industry and character of their inhabitants. If the Birmingham men prefer, on the average, intense exertion resulting in great material wealth, to the simpler and quieter life lived at Warwick, it is obviously as unjust to allow the Warwick men to share equally in the Birmingham ground rents, as it would be to insist on one standard of comfort being maintained in Paris and in Brittany.