I look on the excellent feeling which happily prevails between the employers and the workmen in our great industry as another of the most important elements of its future prosperity. It confers honor on all concerned that by our Boards of Conciliation and Arbitration, ruinous strikes, and even momentary suspensions of labor, are avoided; and still more that masters like our esteemed Treasurer, Mr. David Dale, should deserve, and that large bodies of workmen should have the manliness and discernment to bestow on him, the confidence implied in choosing him so frequently as an arbitrator. I believe that similar friendly relations exist in some, at any rate, of the other great centers of the iron and steel industries, and that although our methods may not be adapted to the habits of all, there is no country in which some way does not exist, or may not be found, to avoid those contests which were so fatal to our prosperity in former days. Lastly I regard as one of the most hopeful signs of the future the increased estimate of the value of science entertained by our practical men. In this respect we may claim with pride that the Iron and Steel Institute has been the pioneer, at any rate, so far as this country is concerned. But the conviction that the elements of science should be placed within the reach of those who occupy a humbler position in the industrial hierarchy than we do who are assembled here is rapidly spreading among us. The iron manufacturers of Westphalia have been the first to found an institution in which the intelligent and ambitious ironworker can qualify himself by study for a higher position, and I hope when this Institute visits Middlesbrough in the autumn, some progress will have been made in that locality toward the establishment of a similar school. Other districts will doubtless follow, and the result will be, to quote the words of Sir W. Siemens on a late occasion, that "by the dissemination of science a higher spirit will take possession of our artisans; that they will work with the object of obtaining higher results, instead of only discussing questions of wages." It is on the mutual co-operation in this spirit of all the workers of every grade in our great craft that we may build the hope--nay, that we may even cherish the certain expectation--of placing it on even a higher eminence than that which it has already attained. * * * * * THE "SWALLOW," A NEW VEHICLE. The graceful vehicle shown in the accompanying cut is much used in Poland and Russia, and we believe that it has already made its appearance at Paris. The builder is Mr. Henri Barycki, of Warsaw, who has very skillfully utilized a few very curious mechanical principles in it. [Illustration: THE SWALLOW.]