The highest point to which wages can be permanently raised is that which leaves to the capitalist just profit enough to make it worth his while to invest his capital. The variations of the rate of wages between these extreme points depending mainly on the supply of labour offered to the capitalist, the rate of wages is mainly determined by the sellers, not the buyers of labour. Combinations of labourers against capitalists (whatever other effects they may have) cannot secure a permanent rise of wages unless the supply of labour falls short of the demand;—in which case, strikes are usually unnecessary. Nothing can permanently affect the rate of wages which does not affect the proportion of population to capital. Legislative interference does not affect this proportion, and is therefore useless. Strikes affect it only by wasting capital, and are therefore worse than useless. Combinations may avail or not, according to the reasonableness of their objects. Whether reasonable or not, combinations are not subjects for legislative interference; the law having no cognizance of their causes. Disturbance of the peace being otherwise provided against, combinations are wisely therefore now left unregarded by the law. The condition of labourers may be best improved,— 1st. By inventions and discoveries which create capital. 2d. By husbanding instead of wasting capital:—for instance by making savings instead of supporting strikes. 3d. BY ADJUSTING THE PROPORTION OF POPULATION TO CAPITAL. ---------------------------------------------------------------- PRINTED BY WILLIAM CLOWES, STAMFORD-STREET. COUSIN MARSHALL. --------------------- CHAPTER I. A VERY HOT MORNING.