Those doubtless are visible enough on the surface of these great movements, but the movements themselves have far deeper sources. If there were no such things as ambition and greed in this world, the struggle for existence would arise from the same causes. Our sole chance of succeeding in a competition, which must constantly become more and more severe, is that our people shall not only have the knowledge and the skill which are required, but that they shall have the will and the energy and the honesty, without which neither knowledge nor skill can be of any permanent avail. This is what I mean by a stable social condition, because any other condition than this, any social condition in which the development of wealth involves the misery, the physical weakness, and the degradation of the worker, is absolutely and infallibly doomed to collapse. Your bayonets and cutlasses will break under your hand, and there will go on accumulating in society a mass of hopeless, physically incompetent, and morally degraded people, who are, as it were, a sort of dynamite which, sooner or later, when its accumulation becomes sufficient and its tension intolerable, will burst the whole fabric. I am quite aware that the problem which I have put before you and which you know as much about as I do, and a great deal more probably, is one extremely difficult to solve. I am fully aware that one great factor in industrial success is reasonable cheapness of labour. That has been pointed out over and over again, and is in itself an axiomatic proposition. And it seems to me that of all the social questions which face us at this present time, the most serious is how to steer a clear course between the two horns of an obvious dilemma. One of these is the constant tendency of competition to lower wages beyond a point at which man can remain man--below a point at which decency and cleanliness and order and habits of morality and justice can reasonably be expected to exist. And the other horn of the dilemma is the difficulty of maintaining wages above this point consistently with success in industrial competition. I have not the remotest conception how this problem will eventually work itself out; but of this I am perfectly convinced, that the sole course compatible with safety lies between the two extremes; between the Scylla of successful industrial production with a degraded population, on the one side, and the Charybdis of a population, maintained in a reasonable and decent state, with failure in industrial competition, on the other side. Having this strong conviction, which, indeed, I imagine must be that of every person who has ever thought seriously about these great problems, I have ventured to put it before you in this bare and almost cynical fashion because it will justify the strong appeal, which I make to all concerned in this work of promoting industrial education, to have a care, at the same time, that the conditions of industrial life remain those in which the