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their value in money. But if the production of the factory cannot be thus exchanged, then his business will speedily come to griel. The deter- mining cause in wages is the demand for com- modities. The more prolific the production the more flourishing will be the wage fund for the wages Mr A. pays is neither provided out of, nor is limited by, his circulating capital. 1hey are provided out of, and limited by, the amount of the manufactured product. Commodities, not capital, constitute the real wage fund. But two objections may be urged to this view. The first is If production be speeded up in a given industry, would not there be a danger of over-production, a glut of those commodities on the market, with a consequent depression in wages and unemployment? All this may be granted if the speeding up be limited to that particular industry. But if the speeding up be made in other industries also, none of these con- sequences would or could be experienced. There would be a plentiful supply of other commodities to exchange for the products of this particular factory business would be brisk wages would be maintained while the standard of living would be raised by reason of the fact that each worker produced more to exchange for the other goods or services he needed. We give far too large a place in our thoughts to money and too little to commodities. Money, after all, is but the measure of value and the medium of ex- change a permanent increase in wages canalone be achieved by an increased, and not by a res- tricted, output. A second objection is this If we grant that a largely increased output would make for a real The Sibylline Ultimatum. By G.N.P. IT was a misfortune that Rhys Prys was not born in the realm of splendid opportunity. His ends were shaped for far flung activities, his was a prescience capable of planning and executing those bold yet subtle strokes which few can envisage and fewer enact. By force of circumstances Rhys Prys con- ducted a hostelry; and such a hostelry Tra- vellers would make a premature halt or even a detour to lunch in his coffee room; nowhere in Wales could a succulent joint or a rotund home- cured ham be compared with those upon his liberal sideboard; nowhere else could the thirsty wayfarer derive the same aesthetic delight from quaffing a tankard of his perfect conditioned nut- brown. Had Borrow visited this hostelrv an entire chapter would have been dedicated to an encomium upon its atmosphere of repose, comfort and hospitality. But Rhys was not happy. His unwilling alliance with "the trade" weighed upon his increase in wealth, who would chiefly benefit? Would it not be the capitalist? Would it not issue in a gross exploitation of labour, for the enrichment of the few? Not necessarily. I admit that such an argument is valid in the ab- sence of an equitable distribution of the profits of industry. It is no part of my purpose to deal with the important question of distribution in this article. But this may be said, that never has the average capitalist or captain of industry been so ready and willing to consider and con- cede the fair claims of labour as he is to-day. There is a new spirit abroad in the industrial world, more especially on the side of the em- ployers of labour. The recent speeches of the Prime Minister are evidence of this. Will the workers and more especially the leaders of Trades Unionism meet the masters half way? If they would, a new industrial world would be born in a day. In conclusion If the general argument of this article be sound-and I am convinced that it is-then Trades Unionism in its loyalty to the theory of restricted production is taking the most direct road towards greater unemployment, towards a further depression in wages, and towards a lower standard of life. The theory of ca'canny is the broad way that leads in- evitably, if not to actual starvation for tens of thousands, at least, to a miserable existence that can never rise above the line of bare subsistence. The two great factors that can alone lead the millions into the workers' paradise are an im- mensely increased production of commodities of all kinds and on every hand, and an equitable distribution-as between capital and labour-of the profits of industry. mind and was iron entering his soul. There was one honour which he coveted and to which he, so abstemious in his habits, could not by reason of this sinister association attain. He, already precentor, longed with an ebullient longing to be a deacon. Rhys Prys knew he had ability; once freed from the trammels of the trade he could apply himself to something more congenial, and allow his aspirations ample scope in avenues which stretched beyond the precincts of his premises. He justly felt that his ten talents were buried in the cellar of his hostelry. The applause of an increasing clientele left him unmoved. Mine host was an opportunist. A director of Firkin, Hogshead and Co., Ltd., had stayed a day and an invitation to fish brought the same director down for a longer stay. It was follow- ing this visit that negotiations began for the purchase of "The Round Oak" by Messrs. Firkin, Hogshead and Co. Ltd. Rhys was no fool in business. He instinctively handled all the ropes with a sureness and deftness which proclaimed the born diplomat. He knew intuitively the