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186 understanding of the difference between selfish and unselfish expenditure. It is not easy, by any course of reasoning, to enforce this on the generally unwilling hearer; yet the definition of unselfish expenditure is brief and simple. It is expenditure which, if you are a capitalist, does not pay you, but pays somebody else; and if you are a consumer, does not please you, but pleases somebody else. Take one special instance, in further illustration of the general type given above. I did not invent that type, but spoke of a real river, and of real peasantry, the languid and sickly race which inhabits, or haunts—for they are often more like spectres than living men—the thorny desolation of the banks of the Arve in Savoy. Some years ago, a society, formed at Geneva, offered to embank the river for the ground which would have been recovered by the operation; but the offer was refused by the (then Sardinian) government. The capitalists saw that this expenditure would have "paid" if the ground saved from the river was to be theirs. But if, when the offer that had this aspect of profit was refused, they had nevertheless persisted in the plan, and merely taking security for the return