In past years German Social Policy was directed chiefly to _Labour Insurance_, in which much entirely new work had to be done, and has already been done on a large scale; but in the year 1890 it entered upon the work of _Labour Protection_, which was begun long ago in the Industrial Code, and this work must still be carried on further and more generally on the same lines. This result is due to the fact that the Emperor William II. has inscribed upon his banner this hitherto neglected portion of social legislation (which, however, has long been favoured by the Reichstag and especially by the Centre), has placed it on the orders of the day among national and international questions, and has launched it into the stream of European progress with new force and a higher aim. The subject is one of the greatest interest in more than one respect. It was to all appearance the cause of the retirement of Prince Bismark into private life. Some day, perhaps, the historian, in seeking an explanation of this important event in the world's history, will inquire of the political economist and social politician, whether Labour Protection, as conceived by the Emperor--especially as compared to Labour Insurance--were after all so bold a venture, so new a path, so daring a leap in the dark as to necessitate the retirement of that great statesman. I am inclined to answer in the negative, and to assume that the conversion of Social Policy to Labour Protection was the outward pretext rather than the real motive of the unexpected abdication of Prince Bismark of his leading position in the State. The collective result of my inquiry must speak for itself on this point.