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 ship" in the business, supplying the labour and taking half the profits. In five years' time, it intends to take another slice of the profits. It asks whether the shareholders would rather have £50,000 or nothing? When the General Manager raises the question of the future supply of capital, the deputation airily observes: "Come to us and we will arrange it. You will find us as partners, always glad to co-operate," and ends the discussion, which goes on for some pages, by saying: "By all means call together your shareholders, but you, of course, understand that we are quite indifferent what they say or do. Unless our proposals are accepted in a month, we shall close down your works."

At the end of this passage the writers remark, with perhaps pardonable pride, that "Samuel Johnson always 'gave the Whig dogs the worst of it,' and perhaps in this discussion we have given the exploiters the worst of it." By the exploiters they presumably mean the Chairman and General Manager representing the owners of the factory. What the deputation practically says is that they mean to take from the owners of the factory the interest and profit to which they are entitled in return for its use in production. One wonders what would happen if the Chairman and General Manager