Another large effect of trifles is seen in the cumulative character of borrowers. Mr. Harold Cox, M.P., has reminded those who are in favour of rather confiscatory proposals, that a loss of character of a public body, so that their good faith is not certain, may easily mean that they have to pay 4 per cent. instead of 3 per cent. for loans: and hence that all rents of public works paid for by loans will have to be 33 per cent. higher. This loss is far more than could be gained by entire confiscation of ground values, and entire ruin of all landlords. That this is by no means only a future risk may be seen in the stock list any day. India is not entirely safe; there are risks of financial ruin—by conquest, by ruinous wars against invasion, by ruin in insurrection, by ejectment, or by having to drop India owing to a collapse of the navy. Yet all these risks together are thought to be less than the risk of bad faith on the London County Council. Their stock stands at a lower price than India stock. Such is the large result of the many little touches of folly and extravagance which have lowered the financial barometer. Another instance of remote changes is in the effects of the steam engine and other cheap and rapid communication. The full extent of the changes caused are yet far from being completed. Externally the great change is that of the equalisation of land values for agriculture all over the world, as the produce can be carried from land to land for a small part of its value. Hence tropical lands with rapid growth and high fertility will compete with others; and the cheapness of labour there, owing to the smaller requirements in a warmer climate, will react on all agricultural wages. There will also be a demand for cheap labour to work tropical lands to their full extent; and the facility for transportation of labourers will result in constantly shifting energetic people from rather cooler climates into the hotter land for a time, and withdrawing them again. The same system we already carry out for governing classes in India; and cheap transport will make it possible for an energetic race to hold hot countries continuously, without decay due to enervation by climate, as was the case in all earlier northern invaders.