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. The most striking victory of Liberal ideas is one of the most precarious. At the same time, the battle is one which Liberalism is always prepared to fight over again. It has led to no back stroke, no counter-movement within the Liberal ranks themselves.

It is otherwise with organized restrictions upon industry. The old regulations, which were quite unsuited to the conditions of the time, either fell into desuetude during the eighteenth century, or were formally abolished during the earlier years of the industrial revolution. For a while it seemed as though wholly unrestricted industrial enterprise was to be the progressive watchword, and the echoes of that time still linger. But the old restrictions had not been formally withdrawn before a new process of regulation began. The conditions produced by the new factory system shocked the public conscience; and as early as 1802 we find the first of a long series of laws, out of which has grown an industrial code that year by year follows the life of the operative, in his relations with his employer, into more minute detail. The first stages of this movement were contemplated with doubt and