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 power of labour makes it, whether any exchange takes place or not. If there were no division of employments, there would be no buying or selling, but there would still be profit.” For Mill then, exchange, buying and selling, those general conditions of capitalist production, are but an incident, and there would always be profits even without the purchase and sale of labour-power!

“If,” he continues, “the labourers of the country collectively produce twenty per cent more than their wages, profits will be twenty per cent, whatever prices may or may not be.” This is, on the one hand, a rare bit of tautology; for if labourers produce a surplus-value of 20% for the capitalist, his profit will be to the total wages of the labourers as 20:100. On the other hand, it is absolutely false to say that “profits will be 20%.” They will always be less, because they are calculated upon the sum total of the capital advanced. If, for example, the capitalist have advanced £500, of which £400 is laid out in means of production and £100 in wages, and if the rate of surplus-value be 20%, the rate of profit will be 20:500, i.e., 4% and not 20%.

Then follows a splendid example of Mill’s method of handling the different historical forms of social production: “I assume, throughout, the state of things which, where the labourers and capitalists are separate classes, prevails, with few exceptions, universally; namely, that the capitalist advances the whole expenses, including the entire remuneration of the labourer.” Strange optical illusion to see everywhere a state of things which as yet exist only exceptionally on our earth, But let us finish—Mill is willing to concede, “that he should do so is not a matter of inherent necessity.” On the contrary: “the labourer might wait, until the production is complete, for all that part of his wages which exceeds mere necessaries; and even for the whole, if he has funds in hand sufficient for his temporary support. But in the latter case, the labourer is to that extent really a capitalist in the concern, by supplying a portion of the funds necessary for carrying it on.” Mill might have gone further and have added, that the labourer who advances to himself not only the