By way of conclusion, it may be made clear that any such plan as the proposed would call for the assent of the wage earners to the doctrine that, when the profits return in particular industries is greatly in excess of the approved level for industry as a whole, the community in general have the leading claim to those profits. It is plain that union assent to that doctrine would be forthcoming only if the community made effective its claims. The attainment of a just distributive outcome--one based upon considerations of the general interest--will be essential to the success of any policy of wage settlement for industrial peace. FOOTNOTES: [147] M. B. Hammond, "Wage Boards in Australia," _Quarterly Journal of Economics_, November, 1914, February, March, 1915. E. Aves, "Report on Wage Boards and Industrial and Conciliation Acts of Australia and New Zealand" (1908). [148] Letter dated March 16, 1920. [149] See pages 256-60, this chapter, for a further consideration of this question. [150] W. J. Ashley, in an article in the _Economic Journal_, December, 1910, entitled "The Statistical Measurement of Profit," reveals the many serious problems involved in the measurement of profit--when no prior preparation (such as the compulsory standardization of methods of accountancy) has been undertaken. The question of profit measurement he aptly states as that of finding out "what the suppliers of capital to business concerns get in the long run over and above the capital they actually put in them" (page 549). Unless prior preparation is undertaken for the purpose in hand, it is probable that his conclusion does not overstate the difficulties much, if at all. He writes, "Modern 'trust finance'--the finance of great new industrial combinations, creates difficulties in the way of gain statistics that will tax the highest skill of the economist and accountant--if, indeed, they are not insuperable" (page 549). There would appear to be no good reason, however, why prior preparation, such as is suggested, could not be undertaken; nor would that task be one of extreme difficulty. CHAPTER XIII--A CONCEPT OF INDUSTRIAL PEACE Section 1. The hope for industrial peace in the United States.--Section 2. A policy of wage settlement composed out of the principles already set forth.--Section 3. What results might be expected from the adoption of these principles as a policy?--Section 4. The matter of economic security for the wage earners likely to be important for industrial peace. Hardly considered in this book. The question has been presented to the Kansas Court of Industrial Relations.--Section 5. Certain new ideas concerning industrial relationship have come to stay. They indicate the probable current of future change.