I direct my said executor to proceed as speedily as possible to prudently dispose of all my estate, and convert the same into money, to be paid over by him to the corporation hereinafter named. I request that my said executor, Louis Browning, shall, in co-operation with the Governor of California, the Mayor of San Francisco, and my friends David Shelburn, Lawrence Slayter, George Morrow, and Francis Dalton, proceed forthwith to form a corporation under the laws of this State, to be entitled the ‘Lorin French Labor Aid Company,’ to which corporation, when organized, I direct that the proceeds of my estate be transferred, to be used by it in providing capital for the use of such co-operative and profit-sharing corporations as may, from time to time, be organized to avail themselves of its aid. The Lorin French Labor Aid Company will not itself engage in any industrial enterprise, but will confine itself strictly to loaning money at three per cent per annum to such organizations of mechanics as may seek its assistance and comply with its rules. Those rules must require that one-fourth of the wages and all the profits of the members of the borrowing corporation shall be paid to the Lorin French Labor Aid Company, until the debt due the latter is discharged, and that the borrowing corporation shall be organized and conducted in accordance with certain conditions and rules. My meaning may be made more clear by the following illustration:— Suppose that five hundred men shall desire to establish a co-operative foundry. They will make a preliminary organization and apply to the officers of the Lorin French Labor Aid Company for the capital necessary to conduct the enterprise. Those officers will—after careful inquiry—ascertain that the buildings, land, machinery, and plant of such a foundry will cost $900,000, and that it will require a cash capital of $100,000 to carry the current business. They will purchase such a foundry, taking title in the Lorin French Labor Aid Company in trust, and will select a general manager, who will employ and discharge men, fix the rate of wages and hours of labor, and have full charge of the works. After the indebtedness of the Foundry Company to the Aid Company shall have been fully paid with interest, the members of the Foundry Company may elect their own general manager, but, until then, that officer shall be chosen by, and be subject to the control of, the directors of the Aid Company.