the present generation and of posterity, under the obligation of preserving them unimpaired, and handing them down, more or less augmented, to our successors. He is not entitled to dissipate them, or divert them from the service of Humanity to his own pleasures. Nor has he a moral right to consume on himself the whole even of his profits. He is bound in conscience, if they exceed his reasonable wants, to employ the surplus in improving either the efficiency of his operations, or the physical and mental condition of his labourers. The portion of his gains which he may appropriate to his own use, must be decided by himself, under accountability to opinion; and opinion ought not to look very narrowly into the matter, nor hold him to a rigid reckoning for any moderate indulgence of luxury or ostentation; since under the great responsibilities that will be imposed on him, the position of an employer of labour will be so much less desirable, to any one in whom the instincts of pride and vanity are not strong, than the "heureuse insouciance" of a labourer, that those instincts must be to a certain degree indulged, or no one would undertake the office. With this limitation, every employer is a mere administrator of his possessions, for his work-people and for society at large. If he indulges himself lavishly, without reserving an ample remuneration for all who are employed under him, he is morally culpable, and will incur sacerdotal admonition. This state of things necessarily implies that capital should be in few hands, because, as M. Comte observes, without great riches, the obligations which society ought to impose, could not be fulfilled without an amount of personal abnegation that it would be hopeless to expect. If a person is conspicuously qualified for the conduct of an industrial enterprise, but destitute of the fortune necessary for undertaking it, M. Comte recommends that he should be enriched by subscription, or, in cases of sufficient importance, by the State. Small landed proprietors and capitalists, and the middle classes altogether, he regards as a parasitic growth, destined to disappear, the best of the body becoming large capitalists, and the remainder proletaires. Society will consist only of rich and poor, and it will be the business of the rich to make the best possible lot for the poor. The remuneration of the labourers will continue, as at present, to be a matter of voluntary arrangement between them and their employers, the last resort on either side being refusal of co-operation, "refus de concours," in other words, a strike or a lock-out; with the sacerdotal order for mediators in case of need. But though wages are to be an affair of free contract, their standard is not to be the competition of the market, but the application of the products in equitable proportion between the wants of the labourers and the wants and dignity of the employer. As it is one of M.