experiment at New Lanark in Scotland, Saltaire in Yorkshire, Dollfuss' Mulhausen Quarter in Alsace, and M. Godin's community in the French village of Guise, which are among the more familiar instances of investments originally made on business principles, with a view to the improved conditions of workmen. New Lanark failed as a commercial community through the visionary character of its founder; the Godin works at Guise have passed into the co-operative phase within the past five years, but Saltaire and Mulhausen still retain their proprietary business features. The class of ventures of which these instances are but the more conspicuous examples has peculiar characteristics. They differ from the Peabody and Waterlow buildings of London, described in _Bradstreet's_ last August, from Starr's Philadelphia dwellings, and from the operations of the "Improved Dwellings Association" of New York in these particulars: the latter are financially a pure question of direct investment; are mainly concerned with life among the poor of cities, and, whatever philanthropy may be in their motive, are capable of adaptation to any class of citizens. The former, while investments also, are composite, the business of manufacturing being associated with that of rent collecting and sharing its profits and losses; their field of operations is almost invariably rural, and tenancy is restricted to the employes of the proprietor. On the other hand, they differ from all co-operative and socialistic communities in that they are an adaptation to existing circumstances, propose to demonstrate no new theories of economics, are free from all religious bonds, do not depend on any unity of opinion, and do not touch the question of the proper distribution of wealth.