Here it seems desirable to notice briefly some remarks addressed by Professor Thorold Rogers to the _Daily News_, of October 30th, 1879; for though they are in the main true, they might easily give rise to mischievous misconception. He writes--"There is no doubt that rent is wealth to the recipient, and a means of profit to those who trade with the recipient; but except in so far as it represents the advantageous outlay of capital, it is no more national wealth than the public funds are." Surely this is to ignore the fact that the sources from which rent and the dividends on the public funds are derived differ radically in nature. The dividends on consols are the fruit of taxes levied on the whole people of England, and distributed as such to national creditors, which they may consume as they please. Rent is part of a profit earned by an industry useful to the country. A tax and a profit are not necessarily the same thing. No doubt a profit swollen by a monopoly price is equivalent to a tax: and a rent derived from "the price of the produce of land, raised by excessive demand and stinted supply," would be a forced contribution from consumers. But is all rent the child of monopoly? May it not well happen, does it not constantly happen, that rents are high by the side of cheap corn, because the agricultural business is largely productive through efforts made by landlords in improving the powers of the soil? Are they to be limited down in their reward to the pure interest which they could have obtained for their capital from investments in bonds and debentures? Is not part of the profit realized legitimately due to them, as profit accomplished by a commercial enterprise? If the returns on improvements made by landowners on their estates were limited to the interest which they could have obtained from consols, would not the motive for making such improvements be sadly wanting? It would sound strange in great manufacturing towns to be told that flowing profits are no increase of the public wealth, that they are taxes resembling the public funds, and must be swept away down to the lowest sum compatible with the existence of the industry.