business which furnishes its own capital and management, the farmer is the gainer. The essential thing is that business be put on the basis of public service rather than private profit. When that principle is recognized as being the only sound basis of our economic system, then the methods of business organization will be determined by what experience shows to be most advantageous to the community, and it may well be that true "_cooperative competition_" between individual merchants and cooperative stores may exist side by side with advantage to all concerned. Another factor in rural community life is the increase of industrial establishments in villages and small towns. There can be no question that the centralization of industry in our large cities, which has proceeded so rapidly since the development of steam power, has now passed its maximum and that there will be a considerable decentralization of certain industries which can be operated profitably in small units. The metropolitan city has passed its maximum of economic efficiency for many phases of manufacturing, if economic efficiency is judged by its power to produce "well-being," rather than mere wealth. We have been obsessed with the glamour of the bigness of the modern city and we are but beginning to seriously question its real efficiency. The possibility of superior living conditions in a small town are now being recognized both by employer and laborer, and better transportation and the development of electric power lines make possible the organization of certain of our large industries in small units. As this process proceeds the business of the village and small town will no longer be chiefly dependent on agriculture and there will be a further need for accommodation of the different interests of the community. Here again, some see only loss to rural life; but if one examines the situation more thoroughly, mutual advantages are equally apparent. If the farmers are organized for cooperative selling, they will be benefited by the better local markets, which are the backbone of the agricultural economy of so prosperous a country as France. Certain local industries, whose production is of a seasonal nature, might so arrange their operation that some of their labor might be available to work on the neighboring farms during the rush season. Even more important would be the increased purchasing power of the community, making possible better stores and business and professional services of all sorts, and the increase of wealth which would make possible the support of better schools, churches, and social advantages of all sorts. It is, of course, true that the introduction of industry in not a few cases seems to have lowered the standards of community life, but this is by no means universal or inevitable.