of past years, therefore the revenue not only of every branch of industry, but of every separate establishment, can be beforehand so reliably calculated that nothing short of natural catastrophes can cause errors worth notice. If such occur, then comes in the assistance of the reciprocal insurance. In fact, in this country, not only are there no crises, but not even any considerable variations in the different productions. Our Statistical Department publishes an unbroken series of exact comparative statistics, from which can at any time be seen where either fresh demand or excess of labour is likely to arise; our supply of labour is controlled by these returns, and that is sufficient--with rare exceptions--to preserve a perfect equilibrium in production. It frequently occurs that here or there a newly started establishment comes to grief, particularly in the mining industry. Such a failure must not, however, be regarded as a bankruptcy--how can undertakers become bankrupt when they have neither ground-rent, nor interest, nor wages to pay, and who in any case still possess their highly priced labour-power?--but at the worst as a case of disappointed expectations. And should the very rare circumstance occur, that the community or an association loses the loaned capital through the premature death of the borrower, of what importance is that in the face of the gigantic sums safely employed in our business? And if a guaranty (_del credere_) were insisted upon to cover such a loss, it would amount to scarcely a thousandth part of one per cent., and would not be worth the ink used in writing it.' 'And do not foreign crises sometimes disturb the calm course of your Freeland production? Are not your markets flooded, through foreign over-production, with goods for which there is no corresponding demand?' I asked.