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which has for its object the amelioration of the condition of the working people. That fact is by no means without significance in a survey of commercial conditions in France. The questions which promise to take a leading position in legislative consideration will involve material change in the relations of the working classes to their employers, and may threaten marked alteration of the ratio in which profits are divided between capital and labor. Considering the strength and vitality of French socialism, the future would seem to favor legislation of a character likely to effect unfavorably industrial enterprise, at least until a process of readjustment has been gone through. French commerce is therefore facing unpleasant legislative possibilities in the way of income taxes, old-age pensions, restrictions of the hours of work, and legislation favoring labor organizitions.

The adoption of a scheme for old-age pensions and the imposition of an income tax are now earnestly favored by the ministry. The Finance Minister, M. Rouvier, who has proved himself one of the most adroit and able men who ever held the Treasury portfolio,has formulated a scheme of taxation which would abolish the present somewhat intricate system, and replace it with two simple revenues—one a tax on income, and the other a tax on house rent. The Socialists condemn the Government scheme, declaring it not progressive enough. They demand a tax which shall almost entirely consume property when income reaches a high level.

The respect for property rights is generally so highly developed in France that it hardly seems probable that the Socialists, strong and growing though the party is, will be able to pass legislation of so radical a nature as they now propose. Should they make substantial progress with their income-tax scheme, French business interests will have more reason to concern themselves with politics in the next few years than has been the case for a long time past.

The Socialist party in France has none of the remarkable coherence which the Social Democrats of Germany exhibit. The most striking feature of the German Social-Democratic organization is its perfect unity. The individual subordinates his ideas to the main programme. The will of the party, as expressed by the majority, is absolute law. The party discipline is the most perfect to be found in any political organization. The French Socialists, on