part, the Socialist theory: they are intellectually convinced of its soundness or emotionally attracted by its beauty; but they hesitate to join in its propaganda, because they “don’t see where you are going to begin,” or “don’t see where you are going to stop.” Both difficulties are disposed of by the fact that we are not “going to begin.” There will never be a point at which a society crosses from Individualism to Socialism. The change is ever going forward; and our society is well on the way to Socialism. All we can do is to consciously co-operate with the forces at work, and thus render the transition more rapid than it would otherwise be. The third Fabian essay shews us the success of capitalism bringing about a position which is at once intolerable to majority, and easy of capture by them. At this point the destruction of the small industries has broken down most of the gradations which used to exist between the large employer and the hired laborer, and has left in their place a gulf across which a few capitalists and a huge and hungry proletariat face each other. The denial of human sympathy by the employer in his business relations with his “hands” has taught the “hands” to regard the employer as outside the pale of their sympathy. The “respect of the public conscience for the rights of property,” which was at bottom the private interest of each in his own little property, has diminished since the many lost their individual possessions, and saw property accumulate in the hands of the few: it is now little more than a tradition inherited from a former social state. The “public conscience” will soon condone, nay, it will first approve, and then demand, the expropriation of capital which is used antisocially instead of socially, and which belongs to that impersonal abstraction, a company, instead of to our next door neighbor. To the average person it is one thing for the State to seize the little shop of James Smith who married our sister, or the thriving business of our Sam who works early and late for his living; and quite another when James and Sam, ruined by a big Company made up of shareholders of whom nobody knows anything but that they pay low wages and take high dividends, have been obliged to become hired servants of the Company, instead of owning their own shops and machinery. Whose interest will it be to protest against the State taking over the capital, and transforming James and Sam from wage-slaves at the mercy of a foreman, into shareholders and public functionaries, with a voice in the management of the business in which they are employed?