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 regard to the future. The accumulation of savings in Friendly Societies, Trade Unions, Co-operative Societies, and Savings Banks shows an increase which has more than kept pace with the rise in the level of wages; yet there appears no likelihood that the average manual worker will attain the goal of that full independence, covering all the risks of life for self and family, which can alone render the competitive system really adequate to the demands of a civilized conscience. The careful researches of Mr. Booth in London and Mr. Rowntree in York, and of others in country districts, have revealed that a considerable percentage of the working classes are actually unable to earn a sum of money representing the full cost of the barest physical necessities for an average family; and, though the bulk of the working classes are undoubtedly in a better position than this, these researches go to show that even the relatively well-to-do gravitate towards this line of primary poverty in seasons of stress, at the time when the children are still at school, for example, or from the moment when the principal wage-earner begins to fail, in the decline of middle life. If only some ten per cent. of the