Now there is a third basis for the economic importance of a district, and as this third basis is indefinitely more important than the other two, it has naturally been overlooked in the analysis of the universities. This basis is the basis of residence. Given that a conqueror, or a seat of Government established by routine, is established in a particular place and chooses there to remain; or given that the pleasure attached to a particular site--its natural pleasures or the inherited grandeur of its buildings or what not--make it an established residence for those who control the expenditure of wealth, then that place will acquire an economic importance which has for its foundation nothing more material than the human will. Thither wealth, wherever produced, will flow, and there will be discovered that ultimate motive force of all production and of all exchange, the effective demand of those possessors who alone can set the industrial machine in motion. This has been abundantly true in every period of the world's history, whenever commerce existed upon a considerable scale, or whenever a military force sufficiently universal was at the command of wealthy men. It is particularly true to-day. To-day not the natural centres of exchange, still less the natural centres of production, determine what places in the world shall be wealthy and what shall not. The surplus of the wealth produced by the Egyptian fellaheen is carefully collected by English officials and largely consumed in Paris; the wealth produced by the manufacturers of North England is largely spent in the south of England and upon the Continent; until their recent and successful revolt, the wealth produced by the Irish peasantry was largely spent in London and upon the Riviera. The economic importance, then, of the Thames Valley has not diminished, but increased since South England ceased to be the main field of production. The tradition of Government, the habitual residence of the wealthy and directing classes of the community, have centred more and more in London. The old establishment of luxury in the Thames Valley has perpetually increased since the decline of its industrial and agricultural importance, and undoubtedly, if it were possible to draw a map indicating the proportion of economic _demand_ throughout the country, the Valley of the Thames would appear, in proportion to its population, by far the most concentrated district in England, although it contains but one very large town, and although it is innocent of any very important modern industry.