Thus we find that among highly civilized races generally, and not least among the English-speaking peoples who were once regarded as peculiarly prolific, a great diminution of reproductive activity has taken place during the past forty years, and is in some countries still taking place. But before we proceed to consider its significance it may be well to look a little more closely at our facts. We have seen that the "crude" birth-rate is not an altogether reliable index of the reproductive energy of a nation. Various circumstances may cause an excess or a defect of persons of reproductive age in a community, and unless we allow for these variations, we cannot estimate whether that community is exercising its reproductive powers in a fairly normal manner. But there is another and still more important consideration always to be borne in mind before we can attach any far-reaching significance even to the corrected birth-rate. We have, that is, to bear in mind that a high or a low birth-rate has no meaning, so far as the growth of a nation is concerned, unless it is considered in relation to the death-rate. The natural increase of a nation is not the result of its birth-rate, but of its birth-rate minus its death-rate. A low birth-rate with a low death-rate (as in Australasia) produces a far greater natural increase than a low birth-rate with a rather high death-rate (as in France), and may even produce as great an increase as a very high birth-rate with a very high death-rate (as in Russia). Many worthy people might have been spared the utterance of foolish and mischievous jeremiads, if, instead of being content with a hasty glance at the crude birth-rate, they had paused to consider this fairly obvious fact.